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Toyota's 'green bond' an industry first, quickly rises to $1.75 billion

Toyota is greasing the skids for more green car purchases with the announcement of a $1.75-billion bond designed to finance the purchase of high-efficiency Toyota and Lexus models. The Asset-Backed Green Bond is a first for the automotive industry and is making a lot of money available to buy or lease the following vehicles: any of the four Prius variants, Camry Hybrid, Avalon Hybrid, RAV4 EV, Lexus CT 200h and Lexus ES 300h. Originally, the bond was set at $1.25 billion, but Justin Leach, manager of public relations for Toyota Financial Services (TFS), told AutoblogGreen that demand was high and it was quickly oversubscribed. TFS has been looking at more ways to diversify its portfolio after a Diversity & Inclusion Bond that was announced in early 2013 and, with the new Green Bond, TFS is offering something for the "number of investors out there who are looking for investment opportunities in green." The way the money from the bond is used, basically, is that TFS takes the $1.75 billion and uses it to finance the purchase or lease of the nine vehicles listed above. As of right now, all the eligible vehicles are plug-in or hybrids, but the rules simply say that the cars in the program have to meet certain "powertrain, fuel efficiency and emissions" criteria. That means: Minimum EPA estimated MPG (or MPG equivalent for alternative fuel vehicles) of 35 city / 35 highway California Low-Emission Vehicle II (LEV II) certification of super ultra-low emission vehicles (SULEVs) or higher, which would include partial zero emissions vehicles (PZEVs) and zero emissions vehicles (ZEVs). TFS raises plenty of billions in other ways for the rest of the lineup, and got into asset backed securities in 2010, Leach said. Given the success of this first Green Bond, Leach said he expects TFS to keep this idea in its arsenal. "This one was so well received, I would be surprised if we didn't see it again," he said. "If anyone was going to do it, it should be Toyota, right?" Toyota Financial Services (TFS) Issues Auto Industry's First-Ever Asset-Backed Green Bond Bond Proceeds to Fund Consumer Loans and Leases for Toyota's Leading Portfolio of Green Vehicles TORRANCE, Calif., (March 24, 2014) – Toyota Financial Services (TFS) issued the auto industry's first-ever Asset-Backed Green Bond in the amount of $1.75 billion.

Lexus ES gets a tech-focused mid-cycle update for the 2022 model year

Lexus traveled to the 2021 edition of the Shanghai Auto Show to unveil the updated ES. Scheduled to launch as a 2022 model, the sedan ushers in a long list of handling, comfort, and technology improvements. Most of the major changes are found in the cabin, where the ES finally receives a touchscreen-based infotainment system. Entry-level models ship with an 8.0-inch screen, while upmarket versions receive a 12.3-inch display. Both are positioned 4.3 inches closer to the front passengers; it was easier to move the screen than to give buyers longer arms. The touchpad-like remote interface located on the center console, next to the gear selector, remains. Lexus also updated the technology motorists can't see but regularly rely on. The Lexus Safety System+ 2.5 suite of electronic driving aids comes standard across the line-up, and improvements to the camera and the millimeter-wave radar increase the pre-collision system's response range. Intersection Turning Assist, which can detect if the driver is about to turn in front of an oncoming car or a pedestrian, joins the roster of safety systems. Also new are Emergency Steering Assist, Curve Speed Reduction, and a function that automatically increases the car's speed if the driver is about to pass a slower car. Lexus points out it made its Lane Tracing Assist feature smoother, too. Although the ES has traditionally leaned towards the comfort side of the luxury sedan scale, Lexus made small but meaningful tweaks to improve handling with the help of Toyota president Akio Toyoda, an enthusiast who regularly races a Supra. Engineers fitted a new rear suspension brace to increase torsional rigidity and stability, while the non-hybrid model's brake master cylinder and brake booster were redesigned to provide a more linear feel. Every ES gets a bigger brake pedal, and hybrids benefit from improved pedal feel, according to the company. Subtle exterior revisions, such as a redesigned grille and new-look headlights, set the 2022 ES apart from the outgoing 2021 model. New paint colors and additional wheel designs round out the list of major exterior updates. Lexus added a hybrid F Sport model to the portfolio. Called ES 300h F Sport, it gains a mesh grille with a dark frame, a spoiler on the trunk lid, 19-inch wheels, and an array of sporty-looking interior accents. Motorists who want a bit of go with their show can order the optional Dynamic Handling Package (DHP) available only on the V6-powered ES 350 F Sport.

Lexus to reveal production NX crossover at Beijing in April

At the Frankfurt Motor Show last year, Lexus rolled out a concept crossover called the LF-NX. It then brought it back, with a new paint job and a turbocharged engine, at the Tokyo Motor Show a few months later. We got another glimpse a couple of months after that during a presentation from Jim Lentz. But now Toyota has confirmed that the finalized production version is just around the corner.
While all the attention is affixed on the Geneva Motor Show, Toyota released a statement (which you can read below) announcing that the NX (as it will officially be known) will debut next month at the Beijing Motor Show. Set to be positioned below the RX, the new NX will tackle what Lexus terms as "the growing segment of premium compact crossovers," taking on the likes of the Audi Q3, BMW X1 and Mercedes-Benz GLK.