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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.

Jay Leno gets behind the curtain on the design of the Toyota FT-1 concept

Hinting at the future of Toyota performance vehicles, the FT-1 concept was one of the stars of the Detroit Auto Show this year. It even nabbed fourth place in our Editors' Choice list. While he's a few months behind the car's official reveal, Jay Leno managed to get the only existing concept of the sports coupe wheeled into his garage to take a closer look, and he's pretty impressed.
Leno speaks with Alex Shen and William Chergosky, the exterior and interior chief designers of the FT-1 respectively, to get a better idea of the inspirations behind the concept. Jay heaps high praise on it for mixing Italian and Japanese design and says he likes the look even more than the Lexus LFA. The coupe isn't a product of either country, though. It was penned at Toyota's CALTY Design Research center in Newport Beach, CA.
The designers go into the entire history of the FT-1, and Shen even admits that Toyota design lacks an emotional factor at the moment. It's a fascinating interview behind some of the little touches you might miss at first glance. Unfortunately, the model doesn't have the green light for production yet and may never get made. In any case, scroll down to watch Leno swoon over the coupe.

Dubai claims debut of Toyota GT86 sedan concept

Typically, when the organizers of an auto show reveal that a new car will debut at their show, we take notice. But this particular claim from the Dubai International Motor Show ought to be taken with a grain of salt.
As our compatriots at AutoGuide discovered, the Facebook page for the Emirates auto expo includes a post with an interesting claim: that a sedan based on the Toyota GT86 (known in the US as the Scion FR-S) will debut at the show. The Facebook post is accompanied by the image above, purporting to show the concept in question.
The strange part is that the organizers claim the four-door GT86 concept will make its "regional unveil" at the Dubai show, which would seem to indicate that the concept in question would make its international debut at an earlier show. Considering that the doors open in Dubai on Tuesday, that seems increasingly unlikely. All of this begs the question, If this isn't actually a four-door GT86, what might it be?