JLR's wholesale volumes grew 6.4% YoY (+ 33.9% MoM) to 76.2k units(including China JV's 7,126 units) in March 2018. Jaguar volumes increased 2.7% YoY to 21.04k units (est. of 21.2k units), while Land Rover (LR) volumes rose 7.9% YoY to 55.2k units (est. of 55.9k units). For FY18, JLR wholesales grew 5.4 % YoY to 633.5k units, as LR sales rose 8.3%to 457.3k units, while Jaguar sales declined 1.4% to 176.2k units. JLR's retail volumes declined 7.8% YoY (- 109.8% MoM) to 83.7k units in March2018. LR sales fell 5.7% YoY to 59.4k units, while Jaguar sales were down by 12.7% YoY to 24.3k units.