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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.

2022 Lexus LC 500, 500h introduce Bespoke Build exclusive options

Lexus has announced the 2022 LC 500 coupe, 500h hybrid coupe and LC 500 Convertible. The changes are as subtle here as they were on the LS 500. The coupe's suspension has been "optimized to enhance ground contact feel, linear steering response and steering effectiveness [at] high G," we're told, and that's as close as we get to knowing what Lexus engineers did. After that, there are a few changes that could be spotted at ten feet. One is the Sport Package gaining a 21-inch forged alloy wheel to replace the 20-inch wheel for the 2021 LC 500 hardtop.  There's another revision to the Sport Package thanks to Lexus introducing its Bespoke Build program, which will open up a new menu of performance and cosmetic options. The current LC 500 Coupe offers two Sport Packages, one with a glass roof, one with a carbon roof. From 2022, the weaved lid will only be available to Bespoke Build buyers, which starts with a coupe fitted with the carbon roof Sport Package and the All-Weather Package. The customization choices will get their own configurator page come November 17, laying out exclusive color options like the Manhattenhenge interior and exclusive components like the carbon fiber rear wing and 21-inch forged alloy wheels that were previously limited to the LC Inspiration Series. Each Bespoke Build will also come with an interior badge and a certificate of authenticity. On the droptop side, there's been some additional suspension fiddling. On both coupe and convertible, the 11-strong color palette has been shaved to nine colors, Liquid Platinum and Obsidian going away. The 2022 LC 500 starts at $93,050 plus a $1,075 destination charge, for a total of $94,125, the convertible at $102,175 after destination, both unchanged for this year. The LC 500h MSRP gets goosed a touch, increasing $1,440 to $100,125. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Amazon Alexa will become your co-pilot in Toyota, Lexus cars

A number of carmakers have introduced Amazon Alexa voice commands that can activate the locks and climate control on their cars, but Toyota is going a step further with Alexa integration by bringing Alexa into the car. Starting in 2018, Toyota will join the likes of BMW by offering the full Alexa voice-controlled app in Toyota and Lexus vehicles with either EnTune 3.0 or EnForm 2.0 infotainment systems. Though Toyota doesn't specifically say which models, we suspect the Camry and Sienna will be the first, since they're the only Toyotas with EnTune 3.0. With Lexus, the LC, NX, RC, and LS models all have available EnForm 2.0, so any or all of those could get Alexa this year. Toyota suggests a number of ways users could use Alexa in the car, such as for taking notes and setting reminders, activating apps, or for controlling other smart devices, such as the heating and cooling on your house. That suggestion rings strongly to those of us in the midst of the bomb-cyclone winter storm. We imagine you'll probably even be able to order goods from Amazon, too. One thing that is strange is that Toyota has made this leap in connectivity, and yet you still can't get Apple CarPlay or Android Auto on any Toyota or Lexus. This is especially odd as it's safe to assume more people own and use Apple and Android products on a daily basis and on the road than Amazon Alexa. Not to mention the fact that almost every other automaker offers both systems on their vehicles. Either way, mobile Alexa presents some interesting possibilities and is sure to be appealing to fans of the Amazon service. And while only a few models will be available with it in 2018, Toyota and Lexus will expand availability in 2019. Related Video: