In a recent interview with Sweden's Auto Motor & Sport, Volvo marketing director Alain Visser indicated that, while the aforementioned touring car championships no longer fit with the image the brand is trying to project, another series very much does: Formula E. The electric racing series sanctioned by the FIA and championed by its president Jean Todt is in its first season and is already looking towards the next. And while Visser wouldn't commit Volvo to participating in the series, he did say the company is closely considering the prospect.
Though the Formula E grid is currently made up of privateer teams running spec machinery provided by the organizers, both Audi and Renault support quasi-works teams in the series, and plans are in place for the formula to open up to allow teams to source their own cars. That could give Volvo an ideal platform to showcase the green credentials it's been pursuing, though the series will need to garner a bit more publicity before more manufacturers like Volvo jump in on the action. Though both F1 and Le Mans are presently being driven by hybrid powertrains, Visser indicated that the budgets required for competing in either were out of Volvo's reach.
As for the STCC and V8 Supercars programs, while Volvo itself may no longer be supporting its teams after a couple of years from now, Visser doesn't preclude its racing partner Polestar from continuing on its own. After all, most of the teams in the STCC operate on an independent basis without much factory support. And in the Australian series, Erebus fields E63 AMGs without direct involvement from Mercedes, and Ford is withdrawing its factory support as well.