Volvo Car Australia profits went into reverse in 2015 as the company prepares to end a foray in the V8 Supercars series which was originally designed to give more grunt and street credibility to the brand. 
But sales revenue for the Australian arm of Volvo increased by 6.3 per cent to $245 million in the 12 months ended   December 31, 2015, as the total number of Volvo vehicles sold by its 30 dealerships climbed by 5.3 per cent to 4943.
Net profit after tax was $4.47 million, down by 9.1 per cent, reinforcing the thin margins which the automotive industry works on.
Momentum is rising in the first four months of 2016, with Volvo sales up 54 per cent to 1889 to the end of   April, a spokesman for Volvo says.
The latest sales figures for Volvo in Australia compiled by the Federal Chamber of Automotive Industries show it is ranked No.21 out of the 70 or so automotive brands vying for attention in a highly competitive market which is headed for another record this year for new vehicle sales.
New vehicle buyers set a record in 2015 when 1,155,408 vehicles were sold across all brands over the 12 months.
Volvo, the Swedish brand which has been owned by China's Zhejiang Geely Holdings since 2010, made the surprise announcement in 2013 that it would be competing in the V8Supercars series from 2014 onwards against the traditional stalwarts of Holden and Ford.
The Volvo brand has had increasing success, led by its No.1 driver Scott McLaughlin who won both legs of the Phillip Island round in Victoria in mid-  April this year.
But the parent company has decided to exit the V8 Supercars competition at the end of the 2016 series.
The decision was made by Polestar Racing, the high performance unit of Volvo, which at the end of 2016 will transport back to Sweden the S60 sedan race cars which have formed the centrepiece of the Volvo push into car racing in Australia as the brand attempted to liven up a staid, almost boring image. 
Volvo is instead focusing on the installation of highly efficient four-cylinder engines in its road vehicles.
The latest financial statements of Volvo Cars Australia have just been lodged with the Australian Securities and Investments Commission and show that revenue in 2015 increased to $245 million from $230.5 million in 2014. Profit after tax was $4.92 million in 2014 and slipped to $4.47 million in 2015.
Profit before tax in 2015 was $6.51 million, having fallen from $7.23 million.