Jaguar Land Rover Automotive plc – Annual report – 31 March 2024
Industry: automotive
35 COMMITMENTS AND CONTINGENCIES (extract)
Joint venture
Stipulated within the joint venture agreement for Chery Jaguar Land Rover Automotive Company Ltd., and subsequently amended by a change to the Articles of Association of Chery Jaguar Land Rover Automotive Company Ltd. is a commitment for the Group to contribute a total of CNY 5,000 million of capital. Of this amount, CNY 3,475 million has been contributed as at 31 March 2024. The outstanding commitment of CNY 1,525 million translates to £167 million at the 31 March 2024 exchange rate.
The Group’s share of capital commitments of its joint venture at 31 March 2024 is £2 million (2023: £12 million, 2022: £16 million) and contingent liabilities of its joint venture 31 March 2024 is £6 million (2023, 2022: £nil).
Accounts examples 