10 December 2019 Automobiles JLRs wholesale volumes declined marginally by 2.4% YoY to ~48.1k units (our whereas Land Rover (LR) volumes increased ~9% YoY to ~37.3k units (our JLRs retail volumes declined 3.4% YoY in Nov19 as the recovery in China (+29%) and North America (~+5%) was offset by the fall in the UK (~-11%), Europe (~-17%) and RoW (~-17%). China witnessed the fifth consecutive month of a recovery in volumes. Jaguars retail volumes declined ~23% YoY in Nov19. LRs retail volumes were up 5.5% YoY, driven by higher sales of new RR Evoque (~+25%), new LR Discovery Sports (+4.4%), LR Discovery (+15.5%) and RR Sport (~+5%). Against the backdrop of a downturn in the global automotive market, we were pleased to see our sales grow in the US and China. Despite the ongoing headwinds in China, we continue to see green shoots of recovery in our sales there.