Carmaker Stellantis on Wednesday posted a 14% annual rise in first-quarter internet revenues as an easing of semiconductor provide chain pressures boosted shipments.

The Dutch-headquartered firm, fashioned in 2021 from the merger of Italian-American conglomerate Fiat Chrysler group and France’s PSA Group, recorded first-quarter internet revenues of 47.2 billion euros ($52 billion).

The producer of Jeep, Dodge, Peugeot and different manufacturers mentioned consolidated shipments elevated 7% from the primary quarter of 2022 to 1.48 million, because of “enchancment in semiconductor order fulfilment.”

“Our international footprint and numerous product portfolio means we’re well-positioned to proceed delivering robust monetary efficiency all year long,” Chief Monetary Officer Richard Palmer mentioned in a press release.

The corporate additionally initiated a 1.5 billion euro share buyback, with the primary 500 million euro tranche anticipated to finish in June, and confirmed an bizarre dividend of 1.34 euros per share will probably be paid to shareholders on Thursday.

Stellantis’ new car stock got here in at 1,302 models as of the top of March, which the corporate mentioned mirrored a return to “extra regular ranges after a multi-year interval of materially constrained provide, due principally to unfilled semiconductor orders.”

The worldwide automobile trade suffered in 2022 from a shortage of semiconductors, or chips, after years of provide chain disruptions that had a knock-on impact on the worldwide financial system. Nevertheless, these pressures have eased in current months.

International battery and electrical car (BEV) gross sales jumped 22% from the primary quarter of 2022, with Stellantis planning to launch 9 new BEVs this 12 months in a bid to ascertain a portfolio of 47 by the top of 2024.

The robust begin enabled Stellantis to verify its full-year steerage for 2023 after posting report full-year ends in 2022.