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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 GX and TX, and Volvo EX30 revealed | Autoblog Podcast # 784

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Associate Editor Byron Hurd. They've been driving the Mercedes-Benz GLB Class, as well as the Kia EV6 and EV6 GT. In the news, the new Lexus GX and TX SUVs have been revealed, Ram previewed its compact Rampage truck, Chevy has a Panther-inspired Camaro Collector's Edition, and Volvo unveiled is EX30 city EV. Our hosts take to Reddit for car recommendations, and to the Mailbag for beer tips. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast # 784 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2023 Mercedes-Benz GLB Kia EV6 vs. EV6 GT 2024 Lexus GX revealed 2024 Lexus TX revealed Ram Rampage is a 1500-like unibody truck for Latin America 2024 Chevy Camaro Collector's Edition pays tribute to Panther code name 2025 Volvo EX30 revealed Spend my Money Mailbag Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video:

Lexus GS production and sales halted in Europe

We last wrote about the Lexus GS one year ago to editorialize about the rumored death of the luxury brand's sports sedan. Now, Dutch outlet AutoRAI claims to have gotten confirmation from Lexus Europe that the automaker stopped taking orders for the GS in March, and will cease production of the Euro-spec model in April. In keeping with last year's speculation, AutoRAI reports the next-generation, front-wheel-drive ES will fill the role of the rear-wheel-drive GS there. What this means for the GS in the States? We sill don't know. But we do know that the ES moved 51,398 units here last year, compared to GS sales of 7,773. Those numbers represent double-digit declines compared to 2016, when the sold ES sold 51,398 units and the GS sold 14,878. In August 2017, spy photographers caught the 2019 ES testing with the Audi A6 and Mercedes-Benz E-Class, hinting the coming ES has grander aspirations than being a florid Toyota Avalon. That still wouldn't make the ES a pure replacement for a sporty rear-drive sedan, but are there enough GS buyers for Lexus to care? Last October, Car and Driver reported that Toyota's Gazoo Racing brand was working on a new GS F, but C/D couldn't tell if Gazoo meant a new model or the current one. Last June, Lexus Australia head Peter McGregor refuted the death of the GS. When asked if dealers were interested in both the ES and GS, McGregor responded, "I think what dealers like is a full line-up... that meets the market requirement in every key segment." Making clear that he couldn't speak on future product, McGregor also commented, "I think [a new GS] would still be a four-door sedan in terms of its application, but the exterior styling may appear to be more liftback." The third-gen GS struck a fastback profile, and you could see the new LS as a modern evolution of that old GS design. A member at the Lexus Enthusiast fan forum has found that the the next GS, internally codenamed 300B, still shows up in industry databases alongside the date "SOP [Start of Production] Q2 2019." Throwing money at an updated GS F wouldn't make sense for a doomed sedan. Could the GS reappear as a four-door coupe? Certainly, if for no other reason than that Lexus needs something to fill the slot between the $38,950 ES and the $75,000 LS.