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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 comes to SEMA with a wine-dispensing crossover

While some manufacturers are going neck-deep into the tuner car world for SEMA this year, Lexus is keeping it classy with a restrained lineup of cars with lighter modifications. It made sure to hit all of them though, even the tiny UX subcompact crossover. Here's the rundown: 2019 Lexus RC 350 F Sport Cross Country Custom The idea on this one was to pick up a few different modifications from different shops as it's driven across the country. Along the route it's picked up some RS-R USA springs, Vossen forged wheels with Nitto performance tires, Apexi N1-X muffler, a satin wrap and blue underglow. There's not a whole lot to it now, but Lexus says there are still more modifications to come before it hits Los Angeles. 2019 Lexus UX 250h It's still a funky-looking crossover, but Lexus tried hard to make it stand out from the rest of the bland boxes on the road. The light blue wrap combined with an Apexi N1 suspension does the trick. These subcompact crossovers tend to look even more like hatchbacks once manufacturers lower them a couple inches — all that's left is to get rid of the unsightly black plastic cladding. This one has an Apexi N1 catback exhaust too. We can't imagine that sounds too hot with the CVT transmission in the UX though. 2019 Lexus ES 350 F Sport Wine lovers, here is the car for you. Lexus used the trunk area of this ES 350 to put a wine refrigerator, wine rack and glass holder. It did that, then made the flooring of the trunk out of oak barrel wood. To keep it upscale-feeling Lexus added a subtle Artisan Spirit aero kit and Rays Engineering 20-inch wheels. The Rolls-Royce Cullinan better watch out. 2018 Lexus LS F Sport The long Lexus looks a lot racier in this gray paint and 22-inch Work wheels. An aero kit brings it all closer to the ground without actually lowering it. Gigantic six-piston Brembo brakes in front and four-piston rears are painted in yellow, and look menacing within the big wheels. Related video:

Toyota recalls pre-collision system on Avalon and ES models

Toyota is recalling 31,000 US examples of the 2013-2015 Avalon, Avalon Hybrid, Lexus ES350, and ES 300h because the Pre-Collision System could potentially cause an accident. According to the company, it's possible for the safety aid to misidentify a steel joint or plate in the road as a hazard and apply the brakes. The sudden, unexpected activation could lead to a crash. Toyota spokesperson Cindy Knight told Autoblog that the company has reports of two accidents in the US related to this issue, and there are also two alleged injuries. The company has no reports of fatalities. Toyota is taking a serious approach to deal with this problem. First, the company plans to disable the system on these sedans. Once the parts are available, dealers will replace the system with improved components. The company doesn't yet know when these repairs will begin, but owners should receive notification of the recall in November, according to Knight. Toyota isn't alone in needing to tweak safety equipment. Ford faced a similar issue when the company recalled 36,857 examples of the 2015 F-150 because passing a large, reflective semi could inadvertently activate the collision warning system. An update for the adaptive cruise control module software fixed the problem. TOYOTA RECALLS CERTAIN AVALON AND LEXUS ES VEHICLES TORRANCE, Calif., November 3, 2015 – Toyota Motor Sales, USA, Inc. today announced that it is conducting a safety recall of approximately 31,000 Model Year 2013-2015 Avalon, Avalon Hybrid, Lexus ES350 and ES300h sedans. In the involved vehicles, under certain situations, the PCS (Pre-Collision System) could interpret a steel joint or plate in the roadway as an object that triggers PCS activation. If this occurs, the PCS warning buzzer sounds and the system may apply the service brake automatically. Unexpected braking could increase the risk of a crash. For all involved vehicles, the PCS function will be disabled as an interim remedy. As the permanent remedy, Toyota dealers will replace PCS components with improved ones. Information about automotive recalls, including but not limited to the list of involved vehicles, is subject to change over time. For the most up-to-date Safety Recall information on Toyota, Lexus or Scion vehicles, customers should check their vehicle's status by visiting toyota.com/recall and entering the Vehicle Identification Number (VIN). Safety Recall inquiry by individual VIN is also available at the NHTSA site: safercar.gov/vin.