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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.

2020 Lexus RC F Track Edition First Drive Review | Not the hardcore machine we deserve

THERMAL, Calif. — It's been more than 10 years since Lexus launched its high-performance F models. Ten years. After a full decade you'd think Toyota's luxury division would have it figured out by now, but the 2020 Lexus RC F Track Edition isn't the hardcore machine we were hoping for. Maybe our expectations were too high. We saw its lackluster specs at the Detroit Auto Show in January, but you just never know until you get behind the wheel. And while there's a lot to like here — this is the most powerful and track-capable Lexus since the LFA supercar was launched in 2011 — it's quickly apparent that Lexus' engineers were held back from making the RC F Track Edition what they wanted to make. The RC F Track Edition uses the same naturally aspirated 5.0-liter V8 (2UR-GSE) that powered the IS F sedan in 2008 and the standard RC F since 2015. It's the engine Lexus also uses in the LC 500 coupe and the GS F sedan. The company's strict warrantability standards mean this engine is limited to 500 hp, said Yuuichi Tsurumoto, the chief engineer on the RC F Track Edition and the man responsible for all Lexus F models. So supercharging the engine was out of the question. Increasing the V8's displacement to 5.5-liters or more was explored, but then the RC F Track Edition would have been subject to a gas guzzler tax, and that too was deemed unacceptable. The frustration in Tsurumoto's voice was clear. And while the 5.0-liter's output has been increased slightly for 2020, up to 472 horsepower (+5) at 7,100 rpm and 395 pound-feet of torque (+6) at 4,800 rpm, the RC F Track Edition doesn't get any more power than the standard RC F. Both versions of the coupe also continue to use an Aisin-supplied eight-speed automatic, which is essentially unchanged. Lexus is only going to build "around 400" RC F Track Editions, and it will import just 50 into the United States. That's all. Just 50 cars. And they're going to cost $97,675 including a $1,025 destination fee. Who cares about a gas guzzler tax on such an extreme limited run of a $100,000 factory hot rod? In the age of 797-hp Redeyes and 640-hp Cadillacs, the 472-hp RC F Track Edition may not sound like it would be quick, but it is. With its new launch control and shorter 3.13:1 rear-end ratio, Lexus says it can sprint to 60 mph in 3.97 seconds. That's just a tenth or two off the performance of the LFA. Unfortunately, it's also only two tenths quicker than the standard RC F, which Lexus says now hits 60 mph in 4.2 seconds.

2024 Lexus GX and Land Rover Defender numbers crunched

The 2024 Lexus GX finally brings the luxury off-roader up-to-date. And it does so in a boxy, rugged wrapper that makes comparisons to the 2024 Land Rover Defender, another luxury off-roader of similar size and capability. So we figured, let's make that comparison. We've looked at all the specifications available for the two SUVs to see how they stack up. Engines and Transmissions The GX keeps things simple under the hood with a single powertrain. It has a twin-turbocharged 3.4-liter V6 hybrid making 340 horsepower and 479 pound-feet of torque. That horsepower number only tops the Defender's four-cylinder engine, but the GX has the torque advantage even against the Defender's mighty V8 option. The GX's V6 is paired with a 10-speed automatic and full-time four-wheel drive. Full fuel economy numbers haven't been given, but Toyota is expecting 17 mpg combined. Unfortunately, that fuel economy is worse than all the Defender powertrains except the V8. As alluded to, the Defender is available with three main engines, an inline-four, inline-six and V8. The closest competitors to the GX will be the regular 110 four-door and the longer 130 four-door. The 110 can be had with the turbo 2.0L four-cylinder making 296 horsepower and 295 pound-feet of torque; the turbo mild-hybrid 3.0L six-cylinder making 395 horsepower and 405 pound-feet; or the supercharged 5.0L V8 making 518 horsepower and 461 pound-feet. The 130 gets two versions of the six-cylinder, one making 296 horsepower and 347 pound-feet and one making 395 horsepower and 405 pound-feet. The V8 is also available but just with 493 horsepower and 461 pound-feet of torque. All of the engines get an eight-speed automatic and full-time four-wheel drive. The four-cylinder 110 gets 18 mpg combined, the six gets 20 and the V8 manages just 16. Both 130 six-cylinder powertrains return 19 mpg combined, and the V8 doesn't have numbers yet. Towing and Cargo Towing capacity is pretty straightforward. The Lexus has a maximum capacity of 8,000 pounds, and the Land Rover tops it by 200 pounds more. Some trim levels of both SUVs have lower towing capacity, depending on the configuration. As for cargo space, Lexus hasn't shared details. It is available with up to three rows of seating and room for seven passengers. The 110 has similar seating available, and the 130 ups the ante with a three-across third row. And we've found that the 130's third row is genuinely usable by adults.