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Report: Volvo owner Zhejiang Geely picks US banks for IPO

Volvo Cars owner Zhejiang Geely Holding Group Co. Ltd. chose Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley for the Swedish car manufacturer's IPO this year, Bloomberg reported, citing people with knowledge of the matter.

The company is reportedly figuring on a valuation range of $16 billion to $30 billion.

Volvo could measure itself against manufacturers such as Geely Automobile Holdings Ltd. and Tesla Inc. in the IPO, Bloomberg reported.

While the plans are fluid and the final decision for an IPO remains with the owner, the offering could take place this fall. In addition, the list of advisers might expand as Geely finalizes the lineup.

Geely, Citi, Goldman and Morgan Stanley declined to comment, Bloomberg said.