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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.

Toyota Hilux gets heart transplant from Lexus IS F

The Toyota Hilux might not be sold in the US, but Toyota's venerable pickup has an international reputation of being able to go anywhere and do just about anything. The trucks aren't really known for their speed, though, at least until Toyota South Africa Motorsport's new, one-off project. This bruiser ditches the usual diesel engine and replaces it with an unrestricted 5.0-liter V8 from a Lexus IS F making 449 horsepower. Of course, it takes more than power to handle the rigors of high speed off-roading. The motorsport team also adds bigger, competition-spec brakes, fully adjustable dampers, new springs, and retuned gearing to make the truck look practically ready for the Dakar Rally. The gearbox is really the only part that carries over. The V8 gives the special Hilux quite a mean growl, too. With the new Tacoma just launching in the US, maybe the engineers at TRD need to apply this same concept over here for its own Lexus-engined, one-off pickup.

2022 Lexus GX gets big infotainment update, Black Line Special Edition

The 2022 Lexus GX mostly soldiers on with the same old platform and powertrain as before. But it is finally getting a pretty major infotainment update to help modernize it. Not only that, but it's getting a Black Line edition like other Lexus models with the lovely Nori Green Pearl paint available. That infotainment upgrade is the addition of a 10.3-inch touchscreen. It should be much brighter, higher resolution and more pleasant to use than the quite-old existing unit. It's also accompanied by a revised center stack with more minimalist buttons and switches. The actual infotainment operating system also appears to be from other Lexus models, rather than the one shared with Toyotas. The evidence for this is in the inclusion of the unloved track pad, but you're unlikely to use it much with the prominent touchscreen. Besides the physical infotainment improvements, it also comes with a few feature upgrades. The new system comes with Android Auto and Apple CarPlay compatibility, something that was sorely missing in the previous model year. Navigation is also now standard as are parking sensors and power folding and heated mirrors. Then there's the Black Line Special Edition pictured at the top. Like other Black Line Lexus models, it's mostly a color and trim package, but a fairly attractive one. It comes with gloss black 18-inch wheels, grille surround and roof rails. The door handles are body color, and the bumpers are slightly tweaked design-wise. The taillights are red, rather than clear, and the trim gets an exclusive available color in the aforementioned Nori Green paint. Inside, the GX Black Line has a black headliner, black and grey upholstery, and matte black Ash wood trim. Pricing and availability hasn't been announced yet, but we expect it to go on sale later this year. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.