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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.

Earthquake causes most of Toyota's Japan operations to shut down

Toyota is idling a large portion of its Japanese assembly plants as a result of the devastating earthquake in Hokkaido, Japan. The earthquake had such a big effect on the carmaker's supply chain that a number of its plants will have to be shut down for an undisclosed period, starting on Saturday. The 6.7 magnitude earthquake occurred early on September 6 th, resulting in more than dozen casualties and hundreds of injuries, cutting power to the entire island; the powerplant supplying half of the island's power was located so close to the earthquake's epicenter that it shut down automatically, bringing down the rest of the island's grid with it. Tens of people were also reported missing, as reported by Reuters. The affected factories are the Kyushu, Tahara and Toyota Auto Body plants, according to Automotive News, and they manufacture vehicles such as different Lexus models and the Toyota Land Cruiser. Some of the models produced in these factories are exported to the United States, but a Toyota spokesman said that North American operations are not likely to be significantly affected by the plant closures. As well as the automobile assembly plants in Hokkaido, Toyota also has a facility there that manufactures transmissions and transfer cases. As it was also without power, Toyota could not confirm when the plant would be back online. Out of Hokkaido's 2.95 million households, 1.54 million had regained power by Friday afternoon. All in all, Toyota has 18 manufacturing facilities in Japan; spokeswoman Akito Kita said that from Monday on, the shutdown will affect all Japanese Toyota and Lexus lines — not including two Daihatsu facilities that are also used for Toyota products. The shutdowns come directly after Toyota also announced a recall for Japanese-built hybrid models, mainly Prius. Related Video:

Mercedes, Infiniti, Lexus rank tops with mystery shoppers

If you want the best experience possible when buying a new car, then you'd better head down to your local Mercedes-Benz, Infiniti, or Lexus showroom. According a mystery shopper study conducted by the Pied Piper Prospect Satisfaction Index, those three luxury brands ranked highest among the 33 makes surveyed. The highest scoring mainstream brands included GMC, Hyundai, Kia, and Ford.
The study asked 5,203 mystery shoppers about the tactics used by salespeople during their most recent automotive purchases, and found a few interesting parallels along the way. For example, dealers at Infiniti, Land Rover, and Smart leaned heavily on vehicle walk-arounds with potential customers, while Jaguar, Volvo, and Audi were quick to point out exclusive features.
This study contrasts with a similar study conducted by JD Power in 2012. Its Sales Satisfaction Survey listed Mini as the top scorer, while Pied Piper's mystery shoppers ranked the BMW-owned brand below the industry average. Lexus scored highly on both surveys, as did Infiniti and GMC.