Volvo Cars AB and Geely Automobile Holdings Limited are considering combining their businesses to create a strong global group, accelerating the financial and technological synergies between the two companies.

The considered combination would have the scale, knowledge and resources to be a leader in the ongoing transformation of the automotive industry, and would preserve the distinct identity of each of the brands Volvo, Geely, Lynk & Co and Polestar. A combined company would have access to the global capital market through Hong Kong and with the intention to subsequently list in Stockholm as well. Volvo Cars and Geely will create a joint working group to prepare a proposal to their respective boards.

"A combination of the two companies would result in a strong global group. We look forward to working with Hskan Samuelsson, President and CEO of Volvo Cars, to further investigate this opportunity with the goal to strengthen the synergies within the Group while maintaining the competitive advantage and the integrity of each individual brand," said Li Shufu, Chairman of Geely Holding Group.