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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 has big expectations for small NX crossover

One has to wonder why it took so long for Lexus to enter the hotly contested compact premium crossover market. The brand itself projects some 36,000 sales for its brand-new NX, which is set to go on sale in the US in November. Add that potential to the 100,000-plus RX crossovers it sells annually in the States and Lexus looks poised to put some hurt on German rivals like Audi, BMW and Mercedes.
The vast majority of Lexus NX models imported to the States will be powered by a new 2.0-liter turbocharged four-cylinder engine that pumps 235 horsepower and 258 pound-feet of torque to either the front or all four wheels. Just 10 percent or so of NX models will get the 194-horsepower hybrid powertrain wrapped in NX 300h trim. Though not yet rated by the EPA, Lexus projects mileage ratings of 22 city, 28 highway and 24 combined for the turbo and 35/31/33 for front-wheel-drive hybrids (expect a one-mpg combined hit for AWD models with either engine).
In terms of sizing, the Lexus NX is dimensionally very similar to the Audi Q5, which starts at $37,300. Lexus hasn't yet released pricing information for its NX, but promises to be in the same range as its competitors. We note with interest that the larger Lexus RX starts at $40,795 - a little over $3,000 more than the Audi its NX will compete against - and wonder out loud if the Japanese automaker can undercut its German competitors in pricing with the NX. Expect official pricing info from Lexus closer to its on-sale date later this year.

Lexus unveils first EV, the UX 300e

UPDATE: A Lexus spokesperson has provided Autoblog with the following statement concerning U.S. sales of the UX 300e: "The UX 300e has been designed specifically for the Chinese and European markets. The U.S. will not offer the UX 300e, however, we have committed to developing a dedicated BEV that is purpose-built to offer the benefits and features that U.S. luxury buyers demand." The original article continues below. Lexus has unveiled its first fully electric vehicle and — surprise — itÂ’s a crossover. The Lexus UX 300e is seeing its public debut in China, at the Guangzhou International Automobile Exhibition. Lexus tipped the world off to its next step in the luxury automakerÂ’s “Lexus Electrified” campaign with a trademark filing. Now it has followed through, in what appears to be a trend, as more and more automakers enter the EV arena with formats that are hot as all heck right now: crossovers. We only have a few specifications so far, but theyÂ’re interesting. The Lexus UX 300e has a 54.3-kWh lithium-ion battery pack that provides an estimated 248 miles of driving range based on the very generous and arguably outdated NEDC driving cycle — this would indubitably be rated much lower if tested by the EPA. The electric motor, located up front, is capable of a peak 201 horsepower and 221 pound-feet of torque. It has a DC fast charging capability of 50 kW, which lags behind a lot of what weÂ’re seeing nowadays (for instance, the Kia Niro EV is capable of 100 kW, and the Audi E-Tron can do 150 kW). LexusÂ’ press release doesnÂ’t specify the charging standard, but that 50-kW capacity corresponds with the current maximum speed of the CHAdeMo charging standard. The UX 300e promises a comfortable but exciting drive experience with a dual focus on NVH and driving dynamics. Drivers can control the experience with a number of driving modes, as well as paddle “shifters” that adjust the level of regen feel form the electric motor/generator. As for the sonic experience, Lexus says it has an “Active Sound Control (ASC)” feature that “transmits natural ambient sounds to allow for a greater understanding of driving conditions, and provides a natural feeling for the cabin's occupants.” We have no word on whether the UX EV will make its way to the U.S. Lexus says it will go on sale in China and Europe next year, with a Japan introduction in 2021. Again, this is just a first step, and weÂ’ll be curious to see what plans Lexus has for EVs here in the States.