US-European car giant Stellantis, formed by Peugeot and Fiat Chrysler, posted a sizeable net profit in the first half of 2021, the mega-merger’s inaugural year, company results showed on Tuesday.

The new company, whose brands also include Maserati and Jeep, said its net profit totalled €5.8 billion in the first six months of the year. Net revenues reached €72.6 billion.

Stellantis chief executive Carlos Tavares hailed the results as “very strong”. “While delivering this strong operational performance the company also made significant progress on strategic matters related to electrification acceleration and software, which are fundamental pillars of our strategy,” Tavares said in a statement.

The company was going “full speed ahead” with the launch of 11 battery-electric vehicles and 10 plug-in-hybrids over the next 24 months

The company said it was going “full speed ahead” with the launch of 11 battery-electric vehicles and 10 plug-in-hybrids over the next 24 months.