Volvo has officially announced it is considering an initial public offering.

The company’s board signed off on the move and the automaker will now evaluate a possible listing on the Nasdaq Stockholm exchange.  While nothing is official, previous reports have suggested the company could be valued at around $20 (£14.2 / €16.5) billion.

While Volvo cautioned that a “final decision … will be subject to market conditions and there can be no certainty that a listing will proceed,” it appears a decision will be made soon as the automaker noted the IPO would occur later this year – if approved.

Also Read: Geely Said To Be Considering Taking Volvo And Polestar Public

Volvo went on to say a listing could be a “logical next step” and “would enable new shareholders to participate in Volvo Cars’ future as the company continues its transformation into a technology driven, fully electrified car brand.”

Needless to say, EV stocks have been a hot commodity as we’ve seen a number of startups go public or announce plans to do so. However, many of these stocks have been hammered recently as Lordstown is down to $7.28 (£5.18 / €6.03) a share while Fisker has plunged to $10.30 (£7.33 / €8.52). Of course, Volvo is a more established automaker so they could potentially do better and perhaps echo GM which has seen its stock price more than double in the past year.

What the future holds remains unclear, but Zhejiang Geely Holding Chairman Eric Li said, “We have supported the transformation and growth of Volvo Cars for the last ten years, enabling the company to become a true premium brand with improved profitability. As we look ahead, Volvo Cars is especially well positioned to deliver continued growth and harness the full potential of electrification and the delivery of safe autonomous drive functions.” He added that Geely would remain a major shareholder in Volvo, if the company goes public.