The owner of Volvo Cars, Zhejiang Geely Holding Group Co., has selected Citigroup Inc., Morgan Stanley, and Goldman Sachs Group to offer IPO to the Swedish automaker for this year.

Zhejiang Geely and Volvo have discussed the valuation of the Swedish automaker in a range of $16 to $30 Billion in a stock sale; people gave this information based on anonymity as the deliberations were confidential. The companies held meetings in Sweden and Hong Kong this month to discuss the double listing in both houses, they said.

Shares could be put up for sale by this fall, though the final conclusions are yet to be made and plans are expected to change, they said. An IPO is an option, but the decision depends on the owner, said a Volvo Cars representative and declined to comment further.

The representatives of Goldman Sachs, Geely, Morgan Stanley, and Citigroup did not comment.

Volvo Cars could try to address carmakers such as Tesla and Geely Automobile Holdings Ltd., which is listed in Hong Kong in the possible IPO, the people said. Geely is yet to decide the banking alignment and can add more advisors, according to people.

Geely Automobile shares rose 2.4% on Friday in Hong Kong after doubling in the last 12 Months. The city’s Hang Seng benchmark rose 1.1% on Friday morning.

Volvo Cars CEO Hakan Samuelsson said in March that the sale of shares was a possible option for billionaire Li Shufu. In 2010, Zhejiang Geely bought Volvo and then renewed its range of vehicles to make it a popular alternative to German luxury car manufacturers.

The Chinese company owned Swedish unit has 99% of Volvo Car AB, while a group of Swedish institutional investors owns the remaining 1% through another class of shares, the website said.

The Gothenburg-based automaker reported a 1.8% drop in first-quarter profits. The United States was the main driver of revenue growth, while China remained the largest market, followed closely by Sweden and the US.