JLR's wholesale volumes grew 8% YoY (declined 40.6% MoM) to 45.3k units(including China JV's 7.7k units) in April 2018. Jaguar volumes grew 18% YoY to 14.9k units, beating our estimate of13k units. Land Rover volumes were 30.4k units, lower than our estimate of 32k units. JLR's retail volumes grew 11.9% YoY (declined 46% MoM) to 45.2k units, as Jaguar retails grew 8% YoY (declined 45.3% MoM) to 13.3k units while LR retails increased 13.6% YoY (declined 46.3% MoM) to 31.2k units.