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Toyota to pay $17.35M federal fine for delayed Lexus RX recall

This summer, we brought you news that Lexus was recalling over 150,000 RX and RX hybrid crossovers tied to its massive pedal entrapment issue. An update to that story included word from the National Highway Traffic Safety Administration that it was considering launching a federal investigation into potential delays by the automaker in notifying owners about the problem. Now comes news that parent company Toyota will pay a hefty $17.35 million in fines for delaying its recall of the 2010 Lexus RX 350 and RX 450h. According to The Detroit News, the Japanese automaker is being forced to pay the maximum fine for delaying recalls - and this isn't the first time. In fact, this is the fourth time since 2010 that Toyota has been required to do so, including paying $48.8M in civil penalties in 2010 for failing to recall vehicles in a timely manner - in three separate campaigns.
In addition to the fines, Toyota has agreed to restructure the way it handles quality control and review "safety-related issues." Though the Japanese automaker has not admitted any wrongdoing, Toyota has agreed to meet with NHTSA for six months on the matter and may extend the meetings another six months.
US Transportation Secretary Ray LaHood says he is counting on Toyota to improve its ability to address such safety issues: "With today's announcement, I expect Toyota to rigorously reinforce its commitment to adhering to the United States safety regulations," he said in a statement.

Recharge Wrap-up: Tesla breaks dyno on video, Lexus trademarks 'LS 500h'

A video shows a Tesla Model S P85D breaking a dyno during a test. Starting at a slow roll, the instant torque under full power snapped a belt on the dynamometer. Before it broke, the dyno measured over 700 pound-feet of torque from the all-wheel-drive Tesla. A previous dyno run saw the car reach its 155-mph top speed and a peak 435 horsepower. See the video above, and read more at DragTimes. Lexus has filed a trademark for "LS 500h" in Europe. This calls for some speculation as to what this means for an upcoming model. It could be that Lexus plans to release the LS with a new powertrain, perhaps a 4.0-liter engine with a hybrid system. Maybe it will use the 3.5-liter V-6 with a more powerful hybrid system. The LS 600h could simply be getting a new name. Or, we might not see the LS 500h badge used at all in the near future. Note that Lexus trademarked LC 500 and LC 500h in Canada last year, and we've seen no such cars yet. Read more at Hybrid Cars. Ethanol producers have strong words in response to the American Petroleum Institute's claims for demand for ethanol-free gasoline. The API and National Marine Manufacturers Association have urged the EPA to consider marine and small engine demand for E0 gasoline when setting Renewable Fuel Standard volume requirements. Big Oil is using a "false narrative to discourage the use of a cleaner, less expensive, homegrown renewable fuel," according to Growth Energy CEO Tom Buis. Buis says ethanol doesn't cause problems in marine and small engines, a statement backed by the Outdoor Power Equipment Institute. "What probably does concern boaters is the amount of time they spend dry docked as a result of oil spills, like the one that dumped 21,000 gallons of oil along four miles of coastline in Santa Barbara, California," says Buis. Read more from Ethanol Producer Magazine. Related Gallery 2013 Lexus LS 600h L: Quick Spin View 13 Photos News Source: DragTimes, YouTube: DragTimes, Hybrid Cars, Ethanol Producer Magazine Green Lexus Tesla Alternative Fuels Ethanol Electric Hybrid Videos recharge wrapup

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.