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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 is legitimately releasing a 60,000-hour version of its 'Takumi' documentary

In an age when many people determine expertise and authority by a blue check next to a Twitter, Facebook, or Instagram account, the idea of a true expert at his or her craft has been somewhat washed out. It is no longer an expectation, it's a rarity, and Lexus is honoring those who show true dedication to the art and science of practice. On March 19, Lexus will release a documentary about reaching takumi status, the highest level an artisan in Japan can attain by putting in 60,000 hours of work. Lexus first debuted this documentary, "Takumi – A 60,000-Hour Story on the Survival of Human Craft," at the DOC NYC film festival in New York. The film, which Lexus calls a character-driven study, has two forms. The feature version will debut on Amazon Prime and other streaming services, but that's technically a cut from the full-length 60,000-hour version. Yes, 60,000 hours, that's not a typo. The elongated cut will feature loops and repetitions of various skills as a way to imitate and display what it takes to become a takumi craftsman. (In case you're wondering, 60,000 hours translates into 7,500 eight-hour workdays, or more than 20 years if the artisan never took a single day off. Twelve-hour days would achieve true takumi mastery in under 14 years. To watch the full-length documentary, running nonstop 24 hours a day without bathroom breaks, you'd need 2,500 days, or nearly seven years.) The timing of the Clay Jeter-directed (Chef's Table) documentary is no coincidence, as manufacturing and production has been hit hard by machinery and artificial intelligence. Paired with the idea that everybody now wants things instantly, there is legitimate worry that the art of human craftsmanship is dying. There are four subjects in the movie: Lexus craftsman Katsuaki Suganuma, carpenter Shigeo Kiuchi, paper artist Nahoko Kojima, and chef Hisato Nakahigashi. Each has an inspiring mentality and story regarding a principle we've all been hearing since we were children: "Practice makes perfect." But a real takumi knows there is no such thing as perfection, only the path toward it. Watch the trailer for the documentary above.

2021 Lexus LC gets modest updates including less weight, new colors

The Lexus LC is already one of our favorite cars, and the 2021 Lexus LC aims to be even a little better. The luxury automaker has made a number of minor changes to the suspension, infotainment and color schemes. Starting under the skin, Lexus found some weight savings in the wheels and suspension. In fact, the new LC has 22 fewer pounds of unsprung weight thanks to lighter rear wheels, aluminum lower control arms, high-strength steel springs, and tubular anti-roll bars rather than solid ones. Lexus says that these improvements along with retuned shocks should give the new LC a softer, smoother ride. That's not all, as Lexus is now including its Active Cornering Assist technology to the stability control system, which brakes the inside wheels in turns to improve cornering ability. Lexus also adjusted the shift logic for the transmissions in both the V8 LC 500 and hybrid LC 500h to be smoother and more responsive. Users of Android phones will also be pleased to know that Android Auto will be standard equipment on the 2021 LC. Apple CarPlay and Amazon Alexa integration will also continue to be standard. So however you like to interact with your phone and media, you'll be covered. There are a few color updates, too. Cadmium Orange and Nori Green Pearl have been added as exterior colors. The latter you may remember from the limited edition 2020 Lexus Inspiration Series model. Inside, black and tan interiors stick around, while the Rioja Red option is replaced by Flare Red. Sadly, the Bespoke White interior, which featured indigo and orange leather and suede has been discontinued. Pricing and availability for the 2021 Lexus LC has not yet been announced.