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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 MR2 shows why we still love the 1990s

Was there a better time for Japanese performance than the 1980s and 1990s? It seems like looking back, Japan was on a roll, producing cars that were affordable, economical, reliable, fast and lightweight. And while all the attention is - thanks to a certain film series - focused on cars like Toyota Supra and Mazda RX-7, there is a lesser-known model that's establishing its own enduring legacy without the help of Paul Walker and Vin Diesel.
The MR2, affectionately known as the "Mister Two" to fanboys, first arrived in 1984 as a lightweight, mid-engined sports car that proceeded to eat the lunch of the Pontiac Fiero in terms of performance. That car was replaced in 1989 with the more familiar, rounded-out MR2, which is the subject of this latest video from the team at Petrolicious.
The video takes a look at a group of MR2 drivers, and attempts to explain what it is about the car that is destined to make it a future classic. Scroll down to see Petrolicious examine the MR2 Connection.

Toyota's HaMo urban mobility carsharing program comes to France

We're guessing no one's nuts enough to try to take one of Toyota's three-wheeled leaning electric i-Road vehicles up into the French Alps. Still, the town of Grenoble, France, which sits at the foot of the mountains, has received 35 of those vehicles as part of a carsharing pilot program. Toyota's thrown in 35 four-wheel Auto Body COMS vehicles into the program as well. Grenoble, which is about 200 miles north of Marseille, was presumably chosen because of existing carsharing programs run by Cite-lib. This program, dubbed "Cite lib by Ha:mo," goes a little more futuristic, though, as it's part of what Toyota calls its "Ha:mo" plan (Ha:mo is short for "harmonious mobility"). The program will run for three years and includes 27 charging stations near bus lines and train stations. The public will be charged anywhere from three to 19 euros ($3.80 to $24.50 US) to use the vehicles for between 15 minutes and four hours. The good news is that drivers can pick up the vehicles in one location and drop them off in another. Toyota started testing the i-Road vehicles in Toyota City, Japan, this past March. The trike is about three feet wide and has a top speed of 28 miles per hour. Check out Toyota's press release below and read AutoblogGreen's "First Drive" impressions of the i-Road here. "Cite lib by Ha:mo", a New Type of Urban Mobility Based on Ultra-Compact Electric Vehicles Connected to Public Transport, Launches in Grenoble, France This innovative car-sharing service aims to prepare the City and agglomeration of Grenoble for electric mobility within a comprehensive multi-modal mobility plan. The three-year trial project brings together the competencies and services of five partners: the City of Grenoble, the Metro Area, French electricity company EDF and its affiliate Sodetrel, Toyota, and Cite lib, the local car-sharing operator. 35 three-wheel Toyota i-ROAD and 35 four-wheel Toyota Auto Body COMS will be available for short city trips in 27 charging stations installed and operated by Sodetrel - including for one-way trips from one station to another. A total of 120 charging points for the project and 41 for other plug-in vehicles will be added to the city's transport infrastructure. A simple pricing plan dubbed "3, 2, 1 euros" for respectively the first, second and third 15-minute increments will be proposed to Grenoble citizens.