MILAN — Stellantis said sales rose in the first quarter, supported by strong pricing and a strong vehicle mix, as well as favorable exchange-rate effects, but it sees only a partial recovery in microchip supply issues this year.

Net revenue increased 12 percent to 41.5 billion euros ($44.1 billion) in the January-March period, the automaker said in a statement on Thursday.

The automaker, since the PSA-Fiat Chrysler merger, does not disclose quarterly financial performance — only half-year and full-year results.

“Our full-year guidance for double-digit adjusted operating income margins and positive cash-flow is confirmed, despite supply and inflationary headwinds, as good product momentum and strategic partnerships continue to pave the way,” CFO Richard Palmer said in the statement.

Vehicle shipments, however, fell 12 percent in the quarter, mainly because of the impact of unfilled semiconductor orders.

“A 12 percent increase in revenue with a 12 percent decrease in volume indicates a very strong performance on price and mix, which augurs well for our margin performance,” Palmer told reporters.

Palmer said he expected that semiconductor supply would gradually improve this year and continue to get better in 2023.

“But honestly I cannot give a date for when they (supply problems) are solved,” he said.

Supply-chain issues continue to plague most manufacturers. Output at Volkswagen Group has also slumped since the start of the year though the Stellantis rival on Wednesday forecast a significant recovery during the second half of the year. 

Stellantis’ shipments fell 24 percent in the Enlarged Europe region to 622,000, as the backlog of unfilled orders “significantly increased,” the company said. Revenue in the region was down by 9 percent to $15.4 billion.

Shipments were up 6 percent in North America to 480,000 vehicles, with net revenue up 30 percent to $21.9 billion.

At luxury-car brand Maserati, shipments were down 20 percent to 4,300 and revenue slipped 5 percent to $424 million.

In light of the war in Ukraine upending supply lines, Stellantis reduced its market projection for Europe, and now sees a drop in sales of 2 percent for the region, down from a growth expectation of 3 percent.

The North American market is now likely to be stable, down from growth of 3 percent, it said. 

Bloomberg and Reuters contributed to this report