COPENHAGEN, Denmark (AP) — Swedish automaker Volvo Cars and its owner Chinese automaker Geely Holding said Monday they are considering combining their businesses to create what they called "a strong global group" that "would accelerate financial and technological synergies between the two companies."

A combined company would preserve the distinct identity of each of the brands Volvo, Geely, Lynk & Co and Polestar, Volvo's electric brand.

In a joint statement, they said a combined group "would have the scale, knowledge and resources to be a leader in the ongoing transformation of the automotive industry." It added that it would be listed on the Hong Kong Stock Exchange "and with the intention to subsequently list in Stockholm as well."

The two will create a joint working group to prepare a proposal for their respective boards. A deal would be subject to the approval by the boards and and shareholders of Geely and Volvo Cars, as well as by regulators.

Volvo Cars is based in Goteborg, Sweden, but has been owned by China's Geely holding company since 2010.