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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.

Jeremy Clarkson names 10 worst cars for 2015 and 2016

When Jeremy Clarkson, outspoken automotive journalist, ex- Top Gear host, and co-host on The Grand Tour, drives a car he doesn't like he doesn't pull his punches. As Jezza harshly puts it, cars shouldn't just be a form of transportation. These 10 cars made Clarkson's "the terrible 10" list on his column in The Sunday Times for lacking imagination and not giving the journalist "the Fizz," which his list of top 10 cars did. In typical Clarkson fashion, the list is controversial. Some of the cars on Clarkson's list have received praise from other outlets, which shouldn't really come as a surprise since he usually goes against the majority's opinion. Nonetheless, there's at least one car that will catch you off guard. To get a glimpse at Clarkson's reviews and the entire list of cars, head over to his column in The Sunday Times. Vauxhall Astra SRi Nav Infiniti Q30 Premium Tech Skoda Superb SE L Executive Zenos E10 S Renault Kadjar Signature Nav BMW X1 xDRIVE25d SEAT Leon X-Perience SE Technology Nissan GT-R Track Edition Volkswagen Scirocco 2.0 TDi Hyundai i800 Related Video: Featured Gallery Jeremy Clarkson's Terrible 10 For 2015 and 2016 View 11 Photos News Source: The Sunday TimesImage Credit: Clive Brunskill / Getty Images Celebrities BMW Hyundai Infiniti Nissan Toyota Performance bmw x1 infiniti q30

Toyota FT-86 Open Concept leaves us feeling flushed

When last we checked in on our topless would-be hero, the Toyota FT-86 convertible had been reportedly placed on "indefinite hold." That was back in early October, not long after Toyota had trotted out the rear-wheel-drive canvasback to Scion dealers as a possible future product carrot if they decided not to turn in their franchises. And yet, we're here at the Tokyo Motor Show, where Toyota has taken the time to at least repaint the FT-86 Open Concept in "Flash Red," if not build a whole other car (the original Geneva showcar was white). It's enough to make our heads spin like a teenager on the verge of a breakup. Will they? Won't they?
At this point, we still don't know any more than you do - the last word we heard out of Toyota was not encouraging, although the story was that the program could still be fast-tracked if management had a change of heart. As the car has never been seen before in Japan, perhaps Toyota is merely extending its domestic audience a courtesy view before it lines this showcar in mothballs, or maybe they're still trying to make a decision on its fate and gauging public reaction on the homefront.
Interestingly, in a new story published today, Automotive News quotes Subaru brand boss Yasuyuki Yoshinaga downplaying the likelihood of a production model, saying flatly "We make the car, so if we don't make it, it can't happen." The executive went on to note, "Our engineering department told me that losing the entire roof requires a complete redesign of the structure. It would need a big change." Given that such a car would probably trade in rather small volumes, that sounds like a significant hurtle.