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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 LC 500 stands apart from the go-fast sport luxury crowd

We at Autoblog, by and large, love the LC 500. For its concept-car looks, derived almost verbatim from the 2012 LF-LC concept. And for the charming V8, which growls and burbles appropriately but doesn't subscribe to the faux-backfire trend. Our Editor-in-Chief, Greg Migliore, perfectly summarized the LC 500's appeal when he drove it recently: "Evening walkers cast curious glances. A guy in an old pickup almost sideswiped me as he gawked while taking the corner fast. It's a celebrity car. It also sounds good; the 5.0-liter V8 growls and rumbles. Style and muscle. An excellent execution." I just spent a week in it, my first encounter with the car, and it made me think most about how it's positioned in the Lexus lineup. Notably, it's not positioned as the performance extreme. This is refreshing, because not every car needs to attempt a Nurburgring time. If you want to hunt road-course records in this day and age, it takes massive power and massive traction. We're getting to the point, perhaps well beyond it, where that is doing the stopwatch more favors than the driver. Part of this is decades of marketing putting the sportiest variant of a particular vehicle above the most luxurious in the pecking order of regular vehicles, which doesn't make a ton of sense if you think about it. In the 1960s, the ultimate Mercedes-Benz was the 600 Grosser limousine, which was built like a Rolex bank vault. It had a huge engine, but the point was to move the massive thing around, not for the sheer pleasure of it. Ironically, the Grosser's engine made its way later into the 300 SEL 6.3, turning a large and luxurious sedan into a surprisingly capable bruiser, and then into the Rote Sau race car. Arguably, this was an impetus for the sort of sporty arms race I'm decrying. (Now, when you talk about supercars, or ultimate luxury cars like a Bentley or Maybach, this distinction makes less sense. But let's limit our discussion to vehicles the well-heeled average consumer could actually purchase — things at the upper end of the ranges of normal car manufacturers.) This takes us to the Lexus LC 500. Unlike Mercedes, whose Mercedes-AMG cars are on top of the regular car pecking order, Audi's RS line, BMW's M Division, and Porsche's various Turbos, the LC 500 is simply a large, powerful car. It's comfortable, it looks interesting, and it has more than enough grunt to get out of its own way. There are Sport and Performance options packages, but there's no LC F or F-Line trim available.

2019 Lexus ES gets new F Sport trim, Amazon Alexa and Apple CarPlay

"Alexa," I say out loud. A chime goes off in the all-new 2019 Lexus ES acknowledging the wake word. I ask what the weather is going to be like tomorrow, and after a brief pause, the voice made famous from Amazon's Super Bowl campaign replies, informing me of the cloud conditions and the temperatures for the next day based on my current GPS location. Although the ability to order paper towels from the comfort of a car wasn't quite ready for prime time (I tried), the future is nigh. While Lexus was unveiling the seventh-generation ES on the global stage that is the Beijing Motor Show, simultaneously in Los Angeles, a more intimate gathering of journalists was held and the wraps were pulled off an ES 350 and the ES F Sport. Not present was the ES 300h hybrid variant. In all, 2,000 components are either new or have been revised on the 2019 ES, which utilizes the larger GA-K chassis variation of Toyota's new global TNGA platform. Utilized on the 2018 Toyota Camry and 2019 Avalon, it's the first time the luxury brand has put the new front-wheel-drive platform to use. Standing 2.6 inches longer, 0.2 inches lower, 1.8 inches wider with wider tracks (0.4-inch front, 1.5 inch rear), and having a 2-inch longer wheelbase than the model it replaces, Lexus says the dimensions have been stretched to improve handling(for some reference, you can see how the similarly sized new Avalon compares to the last-generation ES). Another benefit is rear seat legroom, which is actually greater than that of the flagship LS sedan. All new ES models will roll out of Toyota's Kentucky plant with aluminum hoods and front fenders, and high-tensile steel to save on weight. Thanks to efforts such as those, the preliminary curb weight for the new, larger ES 350 is 3,649 pounds, a 78-pound increase from the current. The ES models on display both employ a new 8-speed automatic transmission mated to the same 3.5-liter V6 found in the Camry and Avalon. In the ES it produces 302 hp and 267 lb-ft of torque, a jump in 34 hp and 19 lb-ft of torque from the current ES 350. Preliminary fuel economy figures are 26 mpg combined (22 city / 33 highway), a bump up from 24 combined (21 city / 30 highway). The ES 300h will also share its hybrid powertrain with the Avalon, consisting of a 2.5-liter four-cylinder aided by two electric motors (one for propulsion and another that serves as a motor generator). The current ES only has one electric motor. Total system output is 215 horsepower.