10 October 2019 Automobiles JLRs wholesale volumes were flat YoY (+34% MoM) at 53k units (our 4% YoY). JLRs retail volumes declined by ~0.5% YoY, as the recovery in China (+18% YoY) was offset by the decline in the UK (-6.5% YoY) and RoW (-13% YoY). China witnessed the third consecutive month of a recovery in volumes. Jaguars retail volumes declined ~15% YoY, led by a decrease in sales for all models, except I-Pace. LRs retail volumes grew ~7% YoY, driven by the ramp-up of new Evoque (+51%), RR (+11%) and RR Sport (+31%). Against challenging market headwinds, for the third consecutive month we have achieved double-digit growth in China, benefitting from our local turnaround plan and performing ahead of the broader market. Despite these negative market trends, Land Rover sales saw year-on-year growth in the quarter. A comprehensively updated and well-received new Discovery Sport will support this positive development in the months to come.