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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.

Fuel cells will flop outside Japan, says VW

"It may fly within Japan, but not globally," VW's Shoji said.
It's long been battered into our beleaguered auto writer brains that the ultimate future source of motivation for tomorrow's cars and trucks is not gasoline, diesel, electricity, natural gas, propane or solar power - it's the hydrogen fuel cell. It's been the Next Big Thing since the start of Next Big Things.

New version of Toyota FT-1 Concept gets racy for Gran Turismo 6

Gran Turismo 6 has been the preferred marketing springboard for quite a few brands and concept cars since its debut last winter. Specifically the GT Vision concept idea - allowing manufacturers a built-in place to offer up new, original, drivable content - has enticed the likes of Mercedes, Nissan, Volkswagen, Toyota and more to dream big on the digital stage before pulling the sheets back on real concept cars.
In fact, Toyota teamed its live reveal of the FT-1 Concept at the Detroit Auto Show with an in-game launch of the car, just this past January. Looking for a second bite at the GT6 apple, Toyota has just released a teaser video for a new, FT-1 Vision GT version of the same concept.
The company isn't giving us much to go on save for the 30-second video, saying only that the concept was penned by Toyota's Calty Design Research team in California, and that it will "soon be available for download." By the looks of it, the new FT-1 seems to be more of a racecar than the original, without obvious changes to the basic form. No word on whether or not there's a physical concept car in the offing at a yet-to-be-named auto show. Stay tuned.