Tesla to increase prices by five per cent in 2017

Electric vehicle (EV) manufacturer Tesla is set to increase the price of its models sold in the UK by five per cent in the new year, according to a report from the Guardian.

The move is reportedly due to ‘currency fluctuations’, as the pound has lost more than 15 per cent of its value against the dollar since the vote to leave the European Union.

A email sent to UK showrooms seen by the Guardian read: “We have just received some information that we need to share with you – due to currency fluctuations we will be increasing our UK prices for custom orders by five per cent on 1 January 2017.”

The price hikes are expected to come into effect from 1 January, meaning the cost of an entry level Model S 60 will increase by 2,945, while an entry level Model X 75D will rise by £4,100.

Prices on showroom and pre-owned cars will reportedly remain fixed at current prices.