Shares in automaker Tofas, owned by Fiat and Koc Holding, rose as much as 5% in Monday trading after its chief executive was cited as saying it had received record export orders for next year.

Chief executive Ali Pandir said the company had so far received orders to produce 200,000 vehicles for export and expected to ship a total 220,000 next year, according to Hurriyet newspaper.

The company expects to produce 270,000 next year, Pandir added, according to Reuters.