JLR's wholesale volumes declined 6% YoY (-11.7% MoM) to 46.8k units (our estimate: 45.5k) in Oct'18- this includes China JV volumes of 2.4k units. Jaguar volumes increased 0.6% YoY to 13.4k units (our estimate: 14.5k), while Land Rover volumes declined 8.4% YoY to 33.4k units (our estimate:31k). JLR's retail volumes declined 4.6% YoY in Oct'18, impacted by a decline of 49% in China retails and 13.5% YoY in Europe retails. UK and US volumes grew 46.9% and 24.1% YoY, respectively