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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 RX 350L Quick Spin Review | Minding the gap in the Lexus lineup

PORTLAND, Ore. — Why on Earth does Lexus still make the Jurassic GX 460? It's old, inefficient, body-on-frame and completely atypical of the rest of the three-row luxury segment. Well, the answer lies in that segment descriptor: three rows. People want them, yet Lexus didn't offer anything else between the two-row RX and the $85,000, Land Cruiser-based LX 570. Despite this lineup gap lasting for two decades, Lexus decided to finally attempt filling it with a seemingly quick-and-dirty solution: Lengthen the RX 350, shoehorn in a third row, add an L to the name, wipe hands together, call it a day. The resulting 2018 Lexus RX 350L does indeed have a third row of seats and is generally a far superior vehicle to the GX. It's better to drive, massively more efficient, and its beautiful interior is up to the current Lexus norm. The cargo door doesn't swing into the curb. Plus, unlike some other slapped-together lengthened jobs over the years like the Chevrolet TrailBlazer EXT or even the long-wheelbase Range Rover, the RX 350L doesn't suffer visually for its extra inches. In fact, it can be difficult to tell the L apart from a non-L unless the two are parked together in profile. If everything, the extra 4.4 inches of length might actually improve the RX's proportions from certain angles. Of course, quite a few people find the current RX to be hideous, so finding comments below that include the words "lipstick" and "pig" would not be surprising. Adding the L also doesn't seem to take away from the RX's driving experience, which continues to impress. The current model is buttoned down and involving in a way its couch-like predecessors never attempted to be. From the lowered driving position to the more responsive steering, this is a far more driver-oriented vehicle. You don't even need to engage Sport mode, but doing so dials in an appropriate level of steering weight and sharpens throttle/transmission response. This general sportification also hasn't taken anything away from comfort, as a three-hour road trip from Portland to Seattle proved it to be a superb highway cruiser. Both seat and ride comfort are excellent. That was with two people aboard, however. Later in the week, we managed to easily fit an extra pair in the second row along with a rear-facing baby seat. That's all well and good, but the regular RX can do that.

Lexus launching new Crafted Line special editions at Pebble Beach

Over the course of the past 25 years, Lexus has done one heck of a job winding its way into the luxury automobile market previously dominated by the Germans. And now it aims to take another step into the luxury arena with The Crafted Line by Lexus.
Set to debut at Pebble Beach later this month, the Crafted line offers the Storm Trooper treatment with high-contrast white paint and black trim. The interiors are done up in two-tone black and red, and Tumi has done up a special set of luggage to match.
The special edition will be available on the ES350 as well as the F Sport versions of the LS460, GS350, IS250 (in both rear- and all-wheel drive) and RX350 AWD. Each will be limited to around 1,000 examples (give or take, depending on the model), with pricing set to start at around $42,000 for the ES pictured above. Scope out the full details in the press release below.