Jaguar Land Rover Automotive plc – Annual report – 31 March 2023
Industry: automotive
35 COMMITMENTS AND CONTINGENCIES (extract)
Joint venture
Stipulated within the joint venture agreement with Chery Jaguar Land Rover Automotive Ltd., and subsequently amended by a change to the Articles of Association of Chery Jaguar Land Rover Automotive Ltd. is a commitment for the Group to contribute a total of CNY 5,000 million in capital. Of this amount, CNY 3,475 million has been contributed as at 31 March 2023. The outstanding commitment of CNY 1,525 million translates to £181 million at the 31 March 2023 exchange rate.
The Group’s share of capital commitments of its joint venture at 31 March 2023 is £12 million (2022: £16 million, 2021 £42 million) and contingent liabilities of its joint ventures at 31 March 2023 is £nil (2022, 2021 £nil).
Accounts examples 