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Sterling's fall sparks Tesla car price hike

By Kalyeena Makortoff

Tesla Motors is to ramp up the cost of its electric cars by 5% in the UK as a result of the collapse in sterling following the Brexit vote.

It is the latest US company to mark up goods after the referendum, with both Microsoft and Unilever announcing price increases in recent months.

A Tesla spokesman said: "Due to currency fluctuations, we will be increasing our UK prices by 5% on January 1, 2017."

The cost of the Tesla Model S 75 - which is listed on the company's website for £65,100 - would increase by more than £3,000 to around £68,355.

The pound has failed to sustain gains in recent weeks, and is trading around 1.23 against the US dollar - still 18% lower than its pre-referendum high of 1.50.

Against the euro, sterling has dropped nearly 10% to trade near 1.18.

Other American firms including Vauxhall owner General Motors have acted to offset the pound's fall.

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