BERLIN, March 14 Reuters Volkswagen said on Thursday that operating profit for its core massmarket brands increased by 80 last year, in a sign that closer cooperation between them is bearing fruit.

The group including Volkswagen, Volkswagen Commercial Vehicles, Skoda and SEATCUPRA posted operating profit of 7.3 billion euros 7.99 billion in 2023, mainly due to higher unit sales.

Through close cooperation between our brands, we are working more efficiently, becoming more competitive and boosting our innovativeness for our customers worldwide, said Volkswagen39;s Thomas Schaefer, head of the core brands.

Related effects from the closer cooperation should bolster results this year, said the German carmaker, which also expects more sales due to a better raw materials and components supply.

On Wednesday, Volkswagen said the operating profit margin for the group39;s core massmarket brands rose to 5.3 last year from 3.6 in 2022, with the company targeting 8.

1 0.9140 euros

Reporting by Christina Amann Writing by Miranda Murray Editing by Madeline Chambers

Source Reuters