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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.

2021 Lexus LC 500 Convertible is much more than just coupe minus roof

LOS ANGELES — Usually when a convertible version of an existing car is introduced, the reveal story generally goes something like, "It's the same, but the roof has been removed, it goes down in XX seconds, there's less structural rigidity and it weighs XXX more pounds. That's it, carry on." With the 2021 Lexus LC 500 Convertible, there was actually a surprising amount done to create the drop-top version and make sure it's as compelling as its existing coupe sibling. But before we get to that, make sure to take a moment to admire how pretty the LC 500 Convertible is. Or, perhaps, a second moment. The car you see here is painted Structural Blue and features a stunning Santorini-esque white-and-blue interior. That this combo will be limited to a mere 100 units as a special-edition Inspiration Series is an absolute crime. My goodness it's beautiful. OK, the Convertible transformation. Lexus improved chassis rigidity by adding, reshaping and/or relocating structural braces, including the rear suspension brace tower. To counter this, weight is reduced at the rear by using a die-cast aluminum suspension brace, and a unique dampener used to ensure comparable ride quality as the coupe. Unsprung weight at the front suspension was also reduced. In total, only 217 total pounds were added for the convertible over the 2019 LC 500 coupe. The new soft-top has four layers, and Lexus says its fabric was selected to make sure that it would stay tight and prevent wrinkling. Excellent sound insulation is promised, but Active Noise Control is also employed, whether the roof is raised or lowered, to further suppress noise. The roof is lowered in 15 seconds and raised in 16. A rigid tonneau cover is employed when the roof is lowered. Design changes for the convertible include a trunk lip that's been raised slightly and widened. The center brake light is integrated into it ­– it's normally above the back window. The beltline and rear molding were also reshaped to suppress wind, while a transparent plastic wind deflector is integrated neatly behind the back seat. 2021_Lexus_LC_500_Convertible_07 View 13 Photos Like various Mercedes and BMW convertibles, a neck-level heater is added for the front seats. They are integrated into the LC's existing "Climate Concierge" that automatically activates the heater or air conditioner, seat heating or ventilation, and the heated steering wheel. It'll also automatically blow warm or cold air onto the driver's hands when on the steering wheel.

Lexus made an LX ride-on for a child with cerebral palsy

Ride-on vehicles, or Power Wheels as many know them, are a perfect way for young children to experience driving and cars for the first time. Unfortunately, certain congenital disorders can prevent some children from having that from experience. Lexus, in collaboration with Givewith and the Cerebral Palsy Foundation (CPF), wanted to help reduce the barrier of access to fun mobility, and has created an LX ride-on specifically customized for a girl with cerebral palsy.  Six-year-old Finley Smallwood has the most common motor disorder that affects children, cerebral palsy. According to the Center for Disease Control and Prevention (CDC), cerebral palsy is "a group of disorders that affect a person’s ability to move and maintain balance and posture." Because of this, she is unable to use ride-on vehicles the way they are currently built. Lexus was inspired by Finley to design and develop solutions that could get here into a car. The ride-on, which has the looks of a topless LX SUV, has several custom features. Finley has a tough time sitting for a long time, so Lexus added waist-high side padding and modified the seat. The LX ride-on also has an adjustable headrest, and a five-point harness to keep the driver safe, stable, and secure. Ingress and egress on current ride-ons can also be difficult, so Lexus lowered the vehicle and increased the size of the doors.  The largest change is the method of control. Because some children with cerebral palsy might not be able to use a foot pedal or have the strength to use a steering wheel, this ride-on doesn't have either. Instead, Lexus configured an armrest joystick to control the vehicle's direction and acceleration.   Lexus delivered the LX to Finley in March, which is National Cerebral Palsy Awareness Month. For a video profile of Finley and a behind-the-scenes look at the vehicle's development, visit Givewith.com. Related Video:     Featured Gallery Lexus CPF Power Wheels Auto News Toys/Games Lexus