OnePlus has just revealed that it will increase the prices of the future stock of its devices to maintain the cost-effectiveness because of the falling value of Indian currency when compared to US dollar. The company added that it will maintain the current prices of the devices that it is selling in the market but the future stock after three months will cost more. This means that the device is likely to launch its upcoming flagship smartphone, the OnePlus 6T at an introductory pricing till the time the company can maintain current prices.
For context, OnePlus currently leads the market share when it comes to premium smartphones in the market. In addition to leading the market in the segment, the company is aiming to expand in the offline sector with more offline stores as reported by The Economic Times. The report also noted that the company is set to start a local research and development (R&D) center in India while moving to its own service center network. Vikas Agarwal, the general manager for OnePlus India issued a statement about the increasing cost adding, “Now, what we are selling is all locked in for three months. As of now, cost pressures have not hit, but future supply will come at a higher price.”
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The report pointed out that the value of Rupee fell to Rs 72.56 against a dollar on September 27, 2018, with the current value at Rs 72.52 in comparison to the Rs 65.03 back on March 30, 2018.
New contracts for the supply of parts for the new devices “are being signed at higher rates” to reflect the change in the value of the currency. The report also noted that this is likely because the smartphone makers are dependent on the Chinese market to source the mobile components of their devices which means increasing prices.