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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.

2014 Lexus GX 460

The Toyota 4Runner has always held a special place in my heart for its boxy styling and off-road prowess, but until now, I never had the chance to drive its more luxurious cousin, the Lexus GX 460. Granted, the GX actually has more in common with the foreign-market Land Cruiser Prado, but all three SUVs ride on the same body-on-frame platform.
Originally an answer to the luxury SUV craze from the early 2000s, the GX hasn't changed all that much since its introduction more than a decade ago. It's a big SUV with plenty of space and crammed with just about all the luxuriousness Lexus could fit into a 12-year-old vehicle, but, more importantly, it still has the chops to go places many vehicles in its segment wouldn't dare venture. And just for good measure, Lexus tacked on its new signature spindle grille in what has to be its most pronounced appearance yet.
I've had a chance to drive most of the latest Lexus products (including the IS, ES and GS) to see just how competitive Toyota's luxury arm has gotten in recent years, but after spending a week with the 2014 GX 460, it's refreshing that, for now, Lexus has resisted the urge to follow some of its rivals in replacing rugged, body-on-frame SUVs with softer, car-based crossovers.

Geneva 2019, Jaguar I-Pace and Toyota Supra | Autoblog Podcast #572

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore welcomes the newest Autoblog staffers, West Coast Editor James Riswick and Assistant Editor Zac Palmer. First, the trio talk about the cars they've been driving: the 2019 Jaguar I-Pace and the 2019 Lexus LX 570. After that, they recap the exciting 2019 Geneva Motor Show, and all its highlights, disappointments and oddities. Then they answer some listener mail about the new Toyota Supra before closing the podcast with the Spend My Money segment. Autoblog Podcast #572 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Introducing Zac Palmer and James Riswick Driving the Jaguar I-Pace Driving the Lexus LX 570 2019 Geneva Motor Show recap Mail Bag: Is the Toyota Supra a hit or a miss? Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: