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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 F performance SUV could be in the works

Amid the wave of SUVs and crossovers that has crashed down on the industry, several high-performance sporting SUVs have washed up and started to fill a separate growing niche. It's an idea that Lexus is contemplating, according to a new report, with a possible F-branded utility vehicle focusing on either on- or off-road specialties. At the Rolex 24 in Daytona, Florida, Motor1 learned that incorporating a crossover or SUV into Lexus' F performance division has been under "active discussion." That doesn't necessarily mean a hotted-up utility vehicle, however. According to the report, F could translate to a different type of performance on the SUV, specifically for off-road capabilities. Using the F badge in this way would be a huge departure from what it has meant during the brand's 10-year history. Lexus currently offers the sport-focused RC F and the GS F, with an LC F expected soon. Should Lexus decide to lean further into the sport performance methodology with its utility vehicles, the newly released UX and the NX would likely be the top candidates. That said, Lexus does have two highly competent off-road vehicles in the Lexus GX and LX. Plus, Toyota, Lexus' parent brand, has been producing some of the best off-road vehicles on the market for years. As of now, this is just talk, but the way SUV and crossover sales have been going, we'd expect an F-branded Lexus SUV in the near future. Which kind of enthusiast it's for remains to be seen. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

New Toyota Mirai videos continue questionable hydrogen claims

"Toyota engineers were simultaneously working on a brand new technology that met all the driver's needs with an even smaller carbon footprint." Toyota has released a number of new promotional videos for the hydrogen-powered 2016 Mirai. Most are exactly what you'd expect: pretty, full of promise and vaguely informational. But there was one line in the Product Introduction video that caught out ear. In the Product Information video about the Mirai, the narrator goes into a short history of Toyota's green car advances. After talking about the Prius and the Prius Plug In, making EVs for urban commuting and the rest of Toyota's advanced fuel programs, we hear this: "Never satisfied though, Toyota engineers were simultaneously working on a brand new technology that met all the driver's needs with an even smaller carbon footprint, one that took its lead from nature itself." You can watch the video (and four others) below. Plug In America co-founder Paul Scott told AutoblogGreen, "Show us the math! Toyota claims the FCV has a smaller carbon footprint than their EV, but every paper I've read indicates the FCV uses 3-4 times as much energy to travel a given distance as an EV. If they are making this claim, let's call them out to prove it. Show us the math!" There's some math that comes out in favor of EVs here and here. "BEVs and FCs have a very similar carbon footprint, dependent on fuel source." – Toyota's Jana Hartline Plug-in vehicle advocate Chelsea Sexton went further. "Assuming appropriate comparisons in energy feedstock, basic science doesn't support the notion that the footprint of an FCV is smaller than that of an EV," she told AutoblogGreen, explaining that "appropriate comparison" would mean using similar energy generation methods for both hydrogen and plug-in vehicles. Not the tendency, she noted, "of H2 fans to compare FCVs based on solar-based electrolysis to EVs running on coal-bases electricity and similar shenanigans." Besides, Sexton said, "focusing purely on efficiencies entirely misses the biggest struggles that FCVs face in the market, namely fuel price, inconvenience, and market fear, even if the vehicles themselves are initially subsidized.