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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.

Toyota Camry, Lexus RX to get aluminum parts

Ah, aluminum. The lightweight, strong material has long held a following within the premium ranks, but as Ford prepares to launch an aluminum F-150, the material is gaining acceptance among more mainstream automakers. Toyota is one such brand, with a new report indicating that the Japanese giant will add aluminum bits and bobs to some of its upcoming vehicles.
These won't be full, aluminum-intensive treatments like the F-150, however. Automotive News reports that an aluminum hood and liftgate will be coming to the 2016 Lexus RX, and following that, the Camry will get a bonnet built from Element 13 for model year 2018.
As AN points out, Toyota is no stranger to aluminum, using it in Japanese-built models like the Prius and Scion FR-S. The RX and Camry, though, will mark the first time the company's North American factories will use the material, and they'll do so on a significantly larger scale, owing to the higher volumes that the Camry and RX represent.

Toyota teams with FirstElement Fuel on 19 hydrogen stations in California

Cross Toyota with a former General Motors and Hyundai executive and you might just get some real momentum when it comes to hydrogen refueling station deployment. Toyota and FirstElement Fuel Inc., which is headed by ex-GM and Hyundai executive Joel Ewanick, are working together on a project designed to complement California's agreement to spend about $200 million building 100 stations in the state. And while Toyota didn't put out any specific numbers, Automotive News reports that FirstElement received a $27.6 million grant from the California Energy Commission to build 19 stations, which will be sited at existing fueling spots and spaced far enough apart to be reachable by anyone within the state. In all, California has granted $47 million for the deployment of 28 new stations. Additionally, Toyota will get Linde to build a refueling station on a Toyota-owned property in the San Francisco Bay Area's San Ramon, Calif. Toyota, which is targeting a full-tank range of 300 miles and a five-minute refueling time for its fuel-cell sedan, had its fuel-cell prototype make its North American debut at the Consumer Electronics Show in Las Vegas in January. The company said at the time that 68 stations could serve 10,000 hydrogen vehicles. And while that station number doesn't sound terribly high, consider that there are fewer than 10 hydrogen refueling stations in California now. Check out Toyota's press release below and Autoblog's impressions from a drive of one of Toyota's fuel-cell prototypes late last year here. Toyota Collaborates with FirstElement, Providing Financial Assistance to Facilitate a Hydrogen Refueling Network in Targeted California Locations Toyota also will collaborate with hydrogen provider Linde, which will build a public hydrogen refueling facility at the Toyota San Francisco Regional Office May 01, 2014 TORRANCE, Calif. (May 1, 2014) – "The issue of hydrogen refueling infrastructure is not so much about how many stations; but rather, location, location, location," stated Bob Carter, senior vice president, Automotive Operations, Toyota Motor Sales, U.S.A., Inc. (TMS), just four months ago at the Consumer Electronics Show in Las Vegas where he unveiled a hydrogen fuel cell sedan due to launch in 2015. "Solutions are being found through collaboration between government, academia, carmakers and energy providers.