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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.

2019 Lexus ES350 F Sport Drivers' Notes | Some F, more luxury

The 2019 Lexus ES 350 is a big step in the right direction for the Camry-sized sedan. It looks eons better than the last ES, and it has the Lexus ride and luxury to back it up. Lexus redesigned the mid-size sedan for the 2019 model year, putting it on Toyota’s TNGA platform. ItÂ’s a good place to be, as every new Toyota that has come out on this architecture is more dynamic and comfortable than the last. Lexus even went so far as to add optional adaptive shocks to the equation, which stiffens up the ride in Sport mode. Our first tester was this gorgeous, blue F Sport model, which is comparable to the one West Coast Editor James Riswick drove last year. Consumer Editor Jeremy Korzeniewski tested an ES 350 with Lexus' top Ultra Luxury package. Our blue test car came with the aforementioned adaptive suspension, but the F Sport also gains 19-inch wheels and trim-exclusive sport seats. A Sport+ driving mode is added with the adaptive suspension, as well, joining the existing Sport, Normal and Eco modes. Without options, the ES 350 F Sport is a $45,160 car. All our tester's extras brought the final price to $54,450. The most expensive addition was the Mark Levinson audio system, combined with navigation for a hefty $2,900. Blind-spot monitoring with rear cross-traffic alert costs $1,065; triple-beam LED headlights are $1,515, and the adaptive suspension is $750. A swath of unnecessary accessories balloon the price even higher, but itÂ’s still cheaper than many of the German sedans. A generously equipped car could come in right around $50,000 if youÂ’re willing to compromise on a few amenities. Editor-in-Chief Greg Migliore: IÂ’m going to zero-in on the infotainment system's touchpad, which sits to the right of the driver. ItÂ’s tricky to use, especially while driving. To be fair, I didnÂ’t spend a ton of time in this otherwise enjoyable ES 350 F Sport, but tuning the radio and toggling through the different sources (FM, XM, etc.) shouldnÂ’t require all that much education. There are redundant controls for some of the functionality, but this still isn't great. You can do a lot of things with this touchpad -- flick, zoom, scroll -- itÂ’s good in theory. But in practice, I find it annoying, and in traffic it can be distracting. There are simpler solutions that are better. Toyota has plenty of good tech hardware. The next day I drove an Avalon hybrid and had no issues with the touchscreen-operated infotainment. There was almost no adjustment period.

China fines Toyota $12.5 million over Lexus price-fixing

BEIJING — China's market regulator on Friday has fined Japanese carmaker Toyota Motor 87.6 million yuan ($12.5 million) for price-fixing on its premium Lexus cars in eastern Jiangsu province, according to a document on its website. The decision comes as China steps up regulation over auto sales in the world's biggest vehicle market, where more than 28 million cars were sold last year. The anti-monopoly bureau of State Administration for Market Regulation said that between 2015 and 2018, the Japanese carmaker set a minimum sales and resale price for its cars in coastal Jiangsu province, which deprived dealers of pricing autonomy and harmed customers' rights. Lexus also fixed sales strategies in the region over the period, including offering customers discounts while asking them to purchase accessories at fixed prices, a sales tactic usual among individual auto dealers in China but frowned upon for carmakers. A spokesman at Toyota, Lexus' parent firm, told Reuters the firm acknowledged the penalty and respects the decision. He did not comment further. China's auto sales are declining, but Lexus' sales keep growing. It sold 180,200 vehicles in the first 11 months this year, a 21% jump from a year earlier. In June, China's market regulator imposed an 162.8 million yuan fine on Ford Motor Co's joint venture with Changan Automobile Group for violating anti-monopoly law. ($1 = 6.9927 Chinese yuan renminbi) Reporting by Yilei Sun and Norihiko Shirouzu. Related Video: