US-European auto giant Stellantis, formed by Peugeot and Fiat Chrysler, posted a sizeable net profit in the new company’s first six months of existence even as a global chip shortage cut its production. Stellantis, whose brands also include Maserati and Jeep, said on Tuesday that its net profit totalled 5.8 billion euros ($6.9 billion) in the first six months of the year. Net revenues reached 72.6 billion euros. Richard Palmer, the company’s chief financial officer, said Stellantis hit a “record margin” compared to the past performances of the previous companies, Peugeot and Fiat Chrysler. “We feel we had a very strong first half in terms of margins and commercially speaking,” Palmer said in a press conference. The company had an adjusted operating income margin — or operating income divided by net sales — of 11.4 percent. Stellantis performed well despite a global shortage of semiconductors that forced the company to cut production of 700,000 vehicles. Palmer said production would be reduced by another 500,000 vehicles in the third quarter but that the chip shortage is not expected to worsen.