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

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

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

“Our world footprint and numerous product portfolio means we’re well-positioned to proceed delivering robust monetary efficiency all year long,” Chief Monetary Officer Richard Palmer stated in an announcement.

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 abnormal dividend of 1.34 euros per share might be paid to shareholders on Thursday.

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

The worldwide automotive business 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 economic system. Nonetheless, these pressures have eased in current months.

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

The robust begin enabled Stellantis to substantiate its full-year steerage for 2023 after posting report full-year leads to 2022.