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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.

Best luxury SUVs of 2022 and 2023

Once upon a time, the idea of a luxury SUV meant a Range Rover, and even that was pretty agricultural by modern standards. Then Jeep Grand Cherokees and Ford Explorers started offering fancy, range-topping versions followed soon by Lexus, BMW and Mercedes dipping their toes in the water. And then the floodgates opened. Today, there is a staggering number of luxury SUVs available in every shape, size and price point. There are electric luxury SUVs like the Tesla Model X and Jaguar I-Pace, as well as gas-swilling, high-performance SUVs like the BMW X5 M and Cadillac Escalade V. Sports car makers Porsche, Aston Martin and Lamborghini have even dived in.  But of this great many, which are the best luxury SUVs? We sat down, scoured our reviews, took some votes, had some discussions and came up with the luxury SUVs we view as the best. They are listed alphabetically within the six segments listed below.  Best Subcompact Luxury SUV   |   Best Compact Luxury SUV   |   Best Midsize Luxury SUV (Two-Row) Best Midsize Luxury SUV (Three-Row)   |   Best Flagship Luxury SUV (Two-Row)   |   Best Flagship Luxury SUV (Three-Row)  Best subcompact luxury SUVs Mercedes-Benz GLB-Class Why it stands out: Outstanding space and versatility; legit luxury interior; amusing GLB 35 versionCould be better: Overwhelming and confusing tech interface Most subcompact luxury SUVs are a dubious value, with cramped interiors of marginal quality and unrefined driving dynamics. You'd be much better off paying less money for a loaded, non-luxury compact SUV. The Mercedes GLB is different, though. Its boxy design provides space few other subcompact SUV can match (luxury or otherwise), while its cabin design and feature content are in keeping with pricier Mercedes models. The quality's not exactly up to GLC standards, nor is driving refinement, but the difference is appropriate for how much you're saving and still perfectly acceptable. There's nothing dubious about buying a GLB.     Volvo XC40 Why it stands out: More features for the money; spacious and versatile interior; distinctive design; electric versionCould be better: Fuel-efficient base engine only available with FWD Most subcompact luxury models feel a bit like cheap knockoffs of their bigger, pricier brand mates. The XC40, by contrast, is a break from the Volvo norm in a good way.

Toyota amalgamates motorsports divisions under Gazoo Racing

Toyota has more racing divisions than we could wave a checkered flag at, with the company's various motorsport activities all coordinated by different operations. But the Japanese industrial giant is now bringing most (if not all) of them under one roof. From here on in, any racing that was done under the Toyota Racing, Lexus Racing or Gazoo Racing banners will now be united under the latter. That includes the LFAs it races around the Nurburgring, the TS040 Hybrid it fields at Le Mans and in the World Endurance Championship, the Yaris it will soon throw at the World Rally Championship, the Lexus racers that compete in the Super GT championship back in Japan... the works. The move does not appear to affect Toyota Racing Development, the automaker's American arm that handles its NASCAR racing activities, but from here on out, any Toyota or Lexus you see racing on most anything but a speedway will be competing under Gazoo Racing. The move appears to be more than symbolic and semantic, putting its racing vehicle development, technical support and marketing activities in the hands of the new Motor Sports Group. In announcing the consolidation, Toyota highlights in particular the benefit its various racing programs bring to its talent pool, if not the direct effect they have on the company's vehicles themselves. Toyota Racing, Lexus Racing and GAZOO Racing Unite Under GAZOO Racing Toyota City, Japan, April 9, 2015-Starting April 11, Toyota will unite all motorsports activities under GAZOO Racing. The move will clarify the role of Toyota's motorsports in its efforts to make ever-better cars and foster new generations of car enthusiasts. Until now, Toyota has participated in competitions around the world-including the World Endurance Championship (WEC), the Super GT in Japan, and the Nurburgring 24 Hours endurance race-through the separate Toyota Racing, Lexus Racing and GAZOO Racing teams. Of those, GAZOO Racing in particular was created to expand the role of promoting motorsports beyond that of traditional automakers, and carry out grassroots activities aimed at creating new and ever-growing generations of car enthusiasts. Concerning today's announcement, Toyota President Akio Toyoda said: "Our founder Kiichiro Toyoda once said that motorsports are vital to the evolution of car making and the entire auto industry.