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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.

2020 Lexus RX350 and RX450h debut with refreshed styling and updated tech

The 2020 Lexus RX350 and 450h made their debuts late last night, refreshing the fourth-gen model that made its debut back in 2015. The luxury crossover gets a number of updates, with the changes mostly focused on styling, tech and safety. The new three-row model carries over, too, with the second row sporting a set of captain's chairs rather than a full bench. The 2020 RX is set to go on sale in the U.S. in late August 2019. The updated model doesn't look all that different than the 2019 model, especially from the profile. That said, the front and rear fascias have both been smoothed out, taking cues from the handsome LC coupe and LS sedan. All the lines look a bit more sleek, with thinner headlights and L-shaped blades in the taillights, again similar to the LC and LS. There's a sharp crease toward the bottom of the RX that carries across the grille, rocker panel and rear bumper. The grille itself gets a new mesh pattern. The interior is mostly unchanged, with changes mostly focused on comfort rather than design. Three-row models now have more adjustment in the back row, and the second row gets the aforementioned captain's chairs. The infotainment system gets a much-needed update. While the frustrating-at-best touchpad interface is still present, the RX now gets a touchscreen, hopefully improving one of our major complaints with the system. The RX also gets Apple CarPlay and Android Auto, something long missing from Toyota and Lexus vehicles. Voice control can be used through Lexus' own system or using Apple Siri or Google Assistant. There's also a new USB port and a phone holder to keep things in place. Underneath the skin, the 2020 RX gets a revised suspension setup and extra chassis stiffness, the latter thanks in part to new welds, high-strength adhesives and stiffer stabilizer bars. The RX has what Lexus calls Active Cornering Assist and a re-tuned stability control system to mitigate understeer mid-corner. The shocks, too, are revised to improve ride comfort and handling. Lexus says the suspension updates should improve steering feel, too. Finally, there's a few updates to the RX's safety systems. The crossover comes with the latest version Lexus Safety System +, a safety suite that includes features like pre-collision warning, adaptive cruise control, lane-keeping assist and traffic-sign recognition. The new headlights have Lexus' BladeScan Type Adaptive Headlight System, or AHS.

More 2022 Lexus NX teaser photos show the SUV moving upscale

Lexus has released two additional teasers for its soon-to-debut NX, this time on Twitter. Emphasizing its Japanese roots — the first image was shot in front of Mt. Fuji — one image shows the silhouette of the NX against an Edo-era-style temple. Despite the dark profile, however, we do get a few more clues as to what the luxury crossover will look like. The second-generation NX largely keeps the same shape as the outgoing model, but the A-pillar looks a bit more sharply raked. The hood also appears to have a raised center area towards the nose, indicating a more prominent grille. A third image shows the car in (or Photoshopped in) a more tropical setting. It depicts a jutting jawline that is only available if you order the NX's F Sport package. However, those would typically be accompanied by a small F Sport logo on the fender, which this car lacks. So perhaps all models will now have more upscale-looking front fascia (or F Sport models won't have that fender badge). One major improvement are the wheels. The teasers show elegant, thin-spoked rollers befitting of a Lexus, rather than some of the cheap-looking alloys from the current generation that would look just as at home on a Toyota or Subaru. Typically, wheels of this ilk would only be available on a higher-spec RX and pricier Lexus vehicles. Though these likely come with a higher trim level, it's at least nice to know a classier option will be available. Overall it's still not much to go on. But combined with the redesigned rear shown in a previous teaser and the expected technological improvements inside, it should move the NX line into more deluxe territory. Lexus will debut the next-generation NX online on June 11. The streaming event will take place on the Lexus website starting at 11 a.m. Eastern time, 8 a.m. Pacific.