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Toyota recalls 1.37 million more vehicles for Takata airbags

Toyota is expanding its passenger-side Takata airbag inflator recall campaign by an additional 1.37 million vehicles in the United States. The models covered under this broadened recall are the 2003-2007 Corolla, Matrix, and Lexus SC430; the 2005-2006 Tundra; and the 2005-2007 Sequoia. In total, Toyota says that this expansion brings the number of its vehicles covered under the Takata inflator recall in the US to 2.915 million. For these latest models, owners will be notified by mail soon. The move is similar to a recent decision by Honda to broaden its recall list. As with millions of other vehicles covered under these recalls, it's possible for exposure to moisture to cause the inflator to ignite too quickly in an airbag deployment. This can cause shrapnel to be sprayed at occupants. At least seven deaths have been potentially linked to these ruptures worldwide. TOYOTA EXPANDS TAKATA AIRBAG SAFETY RECALL TORRANCE, Calif., June 16, 2015 – Toyota Motor Sales, USA, Inc. today announced that it is expanding its recalls involving Takata front passenger airbag inflators. Based on recent information from Takata and the National Highway Traffic Safety Administration (NHTSA), Toyota will recall approximately 1,365,000 additional 2003-2007 Corolla and Corolla Matrix; 2005-2006 Tundra; 2005-2007 Sequoia; 2003-2007 Lexus SC430 vehicles. This brings the total number of Toyota and Lexus vehicles covered by Takata recalls in the U.S. to approximately 2,915,000. In the involved vehicles, the front passenger airbag inflators could potentially be susceptible to rupture when deployed and seriously injure vehicle occupants. "Toyota's focus remains on the safety and security of our customers, and we will continue to respond promptly to new developments so we can resolve issues for them as quickly, conveniently and safely as possible," said Dino Triantafyllos, chief quality officer, Toyota Motor North America. Multiple investigations into the root cause of the potential for inflator rupture are taking place, including by Orbital ATK, an independent engineering firm commissioned by an industry-wide joint testing initiative comprised of the ten automotive manufacturers conducting Takata-related recalls. All known owners of the affected Toyota / Lexus vehicles will be notified by first class mail to return their vehicles to a Toyota / Lexus dealer. The dealer will replace the airbag inflator with a newly manufactured one.

Lexus LF-Z Electrified previews future Lexus hybrids and EVs

While the company has yet to release a fully electric car or even plug-in hybrid in the U.S., the company is adamant that it's ramping up electric plans. One way it's doing this is with concept cars, and the latest is the Lexus LF-Z Electrified, just in case you forgot what powers it before the middle of this sentence. It's not a specific preview of any particular model, but is meant as a hint of a series of, well, electrified Lexus models coming in the next few years. The LF-Z is a clear evolution of the LF-30 Electrified concept from the 2019 Tokyo Motor Show. Like that concept, the front of the car effectively inverts the current Lexus grille design, with the "spindle" section in the middle being solid, and the area on either side covered with dark translucent panels that evoke open areas. The whole body is more crisp and creased than the LF-30, and it looks a little more grounded in reality. It has four conventional doors with actual door handles, the proportions are closer to a sedan or fastback, and a seemingly conventional taillight bar. But getting up close reveals many intricate details such as the cubic shapes in the front fascia, the frilled edges of the front fender flares, and the narrow breaks in the lighting. The interior is ultra-minimalist, with all the display systems placed around the driver, and a simple dash that wraps around to the doors and the rear seats. The seats themselves have a similarly geometric design to the exterior, and the choice to highlight the driver seat in a contrasting upholstery is interesting. Likely because the LF-Z doesn't preview any specific upcoming model, Lexus offered nearly no details about what powers the concept beyond electricity. It has the batteries mounted in the floor, and it features dual motors, one for the front wheels and one for the rear wheels, which isn't particularly remarkable. No range or power numbers were given. Steering is done by-wire, kind of like what you'll find in certain modern Infinitis, and the car features other bits of technology that are already available or coming soon to production cars such as augmented reality displays, a smartphone key system, electrochromic roof glass and reclining rear seats. Still, we think it's a distinctive concept car that could spawn some similarly distinct production cars. Lexus announced that between now and 2025, it will launch more than 10 new electrified models as conventional hybrids, plug-in hybrids or fully electric cars.

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.