11 July 2019 Automobiles JLRs wholesale volumes grew 15% YoY (+8.3% MoM) to 43.2k units (our JLRs retail volumes declined ~10% YoY in Jun19, led by de-growth across markets (except UK), particularly in China (-12.3%) and Europe (-11.7%). Jaguars retail volumes fell ~8.5% YoY, led by a decline in sales in models like XF, F-pace and XK/E-pace, while I-Pace sales came in at ~1.6k units. LRs retail volume declined ~10% YoY due to lower sales across models, except RR Evoque (+3.4% YoY to 7k units). challenging conditions continue to impact other regions, we were pleased to see sales return to growth in the UK, where we are outperforming the market aided by higher sales of the new Range Rover Evoque, Land Rover Discovery, Jaguar I-PACE and the new Jaguar XE. At Land Rover, the new Range Rover Evoque luxury compact SUV continues to strengthen its global sales performance following its recent debut.