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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.

2018 Lexus GX 460 Drivers' Notes Review | When dinosaurs roamed the earth

The 2018 Lexus GX 460 has been on sale since late 2009. There have been a few minor updates, but a 2018 model is essentially the same as one from 2010. It's based on the global Toyota Land Cruiser Prado and shares more than a little with the Toyota 4Runner. It slots between the Lexus RX and the big daddy Lexus LX. Despite its age, it's still a seller. Sales were up in 2017. In fact, the GX had its best year in the U.S. since 2005. Blame cheap gas all you want. Really, people just want SUVs. We have a base-spec model. The only option is navigation. There's no heated seats or upgraded audio or safety features like blind-spot monitoring or active cruise control. It's basic and honest, but it also highlights just how out of date the GX really is. Editor-in-Chief Greg Migliore: The GX 460 is a body-on-frame, V8-powered, three-row grunt. It's comfortable and functional, but in a segment with more than a few options, this one struggles to stand out. The styling is polarizing yet somehow also vanilla. The spindle grille looks awkward and out of place — a dissonant interpretation of Lexus' latest design language — while the lightly flared fenders say almost nothing. The 4.6-liter V8 only puts out 301 horsepower but still slurps gas to the tune of 15 miles per gallon in the city and 18 mpg on the highway. Power delivery is fine via the six-speed automatic transmission, but the GX 460 feels sluggish from launches. The interior is nice enough with pleasing materials and an intuitive layout. Visibility is solid, you're certainly high enough up, so the command driving position is confidence-inducing. Not a fan of the eight-inch multimedia screen, which feels small and isn't the most informative system I've ever used. Overall, I'd give the GX 460 a C+ compared to other vehicles in this segment. Decent, but dated and lacking some compelling elements. That being said, if you're a Lexus loyalist and want a beastly three-row SUV, you will like this one. If you're more brand agnostic, there are better options out there. Associate Editor Reese Counts: Let's get one thing out of the way — the Lexus GX is old. Yes, it's been on sale essentially unchanged since late 2009, but that's not all there is to it. This is a traditional, body-on-frame SUV with a torquey V8 and a real four-wheel drive system. It's one of the last of its breed. Customers have shifted away from these behemoths, settling on more comfortable and more efficient car-based crossovers.

Volvo S90 Recharge, Lexus RX 350 and spring beer picks | Autoblog Podcast #679

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski. They start off discussing the Volvo S90 Recharge and wonder out loud why the brand's plug-in technology isn't also offered with a wagon body style. They then discuss the Lexus RX350 and why it's likely an ideal premium crossover for a large percentage of buyers. From there, Greg and Jeremy cover some recent news items, including the current state of BMW's coupes and rumors that Toyota's next Land Cruiser will lose its V8 engine in favor of a turbocharged V6. Then it's time to go over some of our current favorite spring beers before turning to the mailbag and spending some listener's money. Autoblog Podcast #679 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2021 Volvo S90 Recharge 2021 Lexus RX 350 News BMW 2 Series preview Land Cruiser powertrain rumors Spring beers Mailbag Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video: