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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 RX replacement to debut in Detroit?

The 2015 Detroit Auto Show is shaping up to be a big one for Lexus, with Group Vice President Jeff Bracken confirming to Ward's Auto that the Japanese luxury marque will have at least one, and possibly two, all-new-model introductions. Ward's seems to think that one of those vehicles will be the new RX crossover, one of the brand's most popular (and oldest) offerings. The complete and utter lack of spy photos of the new RX doesn't necessarily support Ward's argument, although if the new CUV ends up being based on the JDM Toyota Harrier, as previously reported, the absence of camouflaged images might make some sense. As for that other vehicle, it's hard to say what we might see. Were we to put our money on it, though, the long-awaited GS F would be a strong contender for a Detroit debut. The high-performance challenger to the BMW M5 and Mercedes-Benz E63 AMG has been spotted almost completely undisguised as recently as October. On top of that, Detroit's reputation as a performance-focused show (last year's show saw debuts of the Ford Mustang, BMW M3 and M4, Chevrolet Corvette Z06, Volkswagen Golf R and Porsche 911 Targa) makes the GS F's appearance there a fair bet. One thing we can count on at least hearing about when Detroit rolls around is Lexus' strong sales position. The company's 2014 sales should crest 305,000 units by the end of the year, marking the first time the company had passed the 300,000-unit mark since 2007. Bracken told Ward's that should be an easy task, particularly with the brand's "best month of the year," December, still to come.

Lexus' LFA Works now making carbon fiber bicycles... kind of

The LFA Works that produced the Lexus LFA hasn't had too much to do since the 500th example of the V10 supercar left the plant on December 15, 2012. So what are a bunch of carbon fiber experts meant to do with their time when they have some of the world's most advanced CFRP machinery but no engine to wrap it with? Why, make a bicycle, of course - and not just any bicycle, but the kind that costs one million Japanese yen ($10,000 US) and of which only 100 will be made.
Only they didn't really "make" it - the carbon fiber frame was sourced from Takumi, in Taiwan. On the face of it that's a shame, but it makes sense; when you've got a company like McLaren assisting bike manufacturer Specialized produce a road bike, it's clear that 'pushies' have got so advanced that a company can't just hop in and mold a $10K bike in six months. Beyond that frame it's got a Shimano Dura-Ace Di2 group with electronic shifters, and it weighs 15 pounds.
However, the Lexus crafstmen did polish each frame for three hours, and the bike is said to embody the "principles and philosophy" of the supercar, while the brochure for the bike says it represents "a new chapter in Lexus history." That chapter is still all about rarity, though, since there's only one bike headed for Canada and two for the US.