JLR's wholesale volumes grew 1.8% YoY (-9.9% MoM) to 49.6k units (including China JV's 8,125 units) in January 2018, as against our estimate of 55.6k units. In Jan-18, Jaguar volumes grew 4.4% YoY to 16,108 units (est. of 14,000 units). Land Rover (LR) volumes increased marginally by 0.6% YoY to 33.5k units (est. of 41.6k units), led by ramp-up of all-new Discovery and RR Velar. For YTDFY18, JLR wholesales grew 5.4% YoY to 500k units, as LR sales increased 8.7% to 361k units, while Jaguar sales declined 2.2% to 139k units. JLR's retail volumes rose 2.9% YoY (-11.9% MoM) to 49.1k units. LR sales grew by 3.7% YoY to 35k units and Jaguar sales by 0.8% YoY to 14.1k units.