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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.

Toyota to pay $17.35M federal fine for delayed Lexus RX recall

This summer, we brought you news that Lexus was recalling over 150,000 RX and RX hybrid crossovers tied to its massive pedal entrapment issue. An update to that story included word from the National Highway Traffic Safety Administration that it was considering launching a federal investigation into potential delays by the automaker in notifying owners about the problem. Now comes news that parent company Toyota will pay a hefty $17.35 million in fines for delaying its recall of the 2010 Lexus RX 350 and RX 450h. According to The Detroit News, the Japanese automaker is being forced to pay the maximum fine for delaying recalls - and this isn't the first time. In fact, this is the fourth time since 2010 that Toyota has been required to do so, including paying $48.8M in civil penalties in 2010 for failing to recall vehicles in a timely manner - in three separate campaigns.
In addition to the fines, Toyota has agreed to restructure the way it handles quality control and review "safety-related issues." Though the Japanese automaker has not admitted any wrongdoing, Toyota has agreed to meet with NHTSA for six months on the matter and may extend the meetings another six months.
US Transportation Secretary Ray LaHood says he is counting on Toyota to improve its ability to address such safety issues: "With today's announcement, I expect Toyota to rigorously reinforce its commitment to adhering to the United States safety regulations," he said in a statement.

Lexus recalling 3,000 NX 200t CUVs for faulty brake system part

Lexus is recalling about 3,000 examples of the 2015 NX 200t in the US because of possible damage to the ABS actuator during assembly. On vehicles with the faulty part, the anti-lock brakes, traction control and stability control might not function properly. If the ABS is activated while driving, it could cause "a loss of vehicle stability," according to the company. No crashes, injuries, or fatalities have been reported. According to company spokesperson Cindy Knight to Autoblog, affected owners will receive notification by mail of this problem in early July. Dealers will inspect the actuator on the NX200t and will replace it, if necessary. Related Video: LEXUS RECALLS CERTAIN MODEL YEAR 2015 NX VEHICLES TORRANCE, Calif., May 27, 2015 – Toyota Motor Sales, U.S.A., Inc. today announced that it is conducting a safety recall of approximately 3,000 model year 2015 Lexus NX 200t vehicles. The involved vehicles are equipped with an Anti-Lock Braking system (ABS), Traction Control System (TRAC), and Vehicle Stability Control System (VSC) which are controlled by the ABS actuator. There is a possibility that a component inside the actuator could be damaged during assembly and later not operate properly. Under some driving conditions, if the ABS is activated, this could cause a loss of vehicle stability, which can increase the risk of a crash. To date, Toyota is not aware of any crashes, injuries or fatalities caused by this condition. All known owners of the involved Lexus vehicles will be notified by first class mail. Lexus dealers will inspect the ABS actuator and if necessary replace it with a new one. Information about automotive recalls, including but not limited to the list of involved vehicles, is subject to change over time. For the most up-do-date recall information, customers should contact Toyota Customer Service at 1-800-331-4331, or Lexus Customer Service at 1-800-255-3987. Customers can also access current information on open safety recalls for their vehicles by visiting www.toyota.com/recall or http://www.safercar.gov/ and entering their Vehicle Identification Number (VIN). ###