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

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

The manufacturer of Jeep, Dodge, Peugeot and other brands said consolidated shipments increased 7% from the first quarter of 2022 to 1.48 million, as a result of “improvement in semiconductor order fulfilment.”

“Our global footprint and diverse product portfolio means we are well-positioned to continue delivering strong financial performance throughout the year,” Chief Financial Officer Richard Palmer said in a statement.

The company also initiated a 1.5 billion euro share buyback, with the first 500 million euro tranche expected to complete in June, and confirmed an ordinary dividend of 1.34 euros per share will be paid to shareholders on Thursday.

Stellantis’ new vehicle inventory came in at 1,302 units as of the end of March, which the company said reflected a return to “more normal levels after a multi-year period of materially constrained supply, due principally to unfilled semiconductor orders.”

The global car industry suffered in 2022 from a scarcity of semiconductors, or chips, after years of supply chain disruptions that had a knock-on effect on the global economy. However, these pressures have eased in recent months.

Global battery and electric vehicle (BEV) sales jumped 22% from the first quarter of 2022, with Stellantis planning to launch nine new BEVs this year in a bid to establish a portfolio of 47 by the end of 2024.

The strong start enabled Stellantis to confirm its full-year guidance for 2023 after posting record full-year results in 2022.