Shares in Turkish automaker Tofas rose as much as 4.76% at one point on Tuesday after newspapers quoted its chief executive as saying it had targeted 20,000 vehicle exports to Russia this year.

The papers said CEO Ali Pandir was speaking after Russia introduced a scrappage-incentive scheme, Reuters reported.

Shares in Tofas, owned by Fiat and Koc Holding, also rose by a similar amount last December after Pandir said it had received record export orders for 2010.

At the time the automaker had so far received orders to produce 200,000 vehicles for export and expected to ship 220,000 in 2009.

It expected to produce 270,000 in 2010, Pandir added.

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