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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.

Google self-driving Lexus crashes into a bus

Google's self-driving cars have been in accidents before, but always on the receiving end... at least, until now. The company has filed a California DMV accident report (PDF) confirming that one of its autonomous vehicles (a Lexus RX450h) collided with a bus in Mountain View. The crash happened when the robotic SUV had to go into the center lane to make a right turn around some sand bags – both the vehicle and its test driver incorrectly assumed that a bus approaching from behind would slow or stop to let the car through. The Lexus smacked into the side of the bus at low speed, damaging its front fender, wheel and sensor in the process. This was a minor incident, and we're happy to report that there were no injuries. However, this might be the first instance where one of Google's self-driving cars caused an accident. If so, the Mountain View crew can no longer say it's an innocent dove on the roads -- while this wasn't a glitch, its software made a decision that led to a crash. We've reached out to Google to see if it can elaborate on what happened. No matter what the response, it was always going to be difficult to avoid this kind of incident. Until self-driving cars can anticipate every possible road hazard, there's always a chance that they'll either be confused or make choices with unexpected (and sometimes unfortunate) consequences. However, the hope at this early stage isn't to achieve a flawless track record. Instead, it's to show that self-driving cars can be safer overall than their human-piloted counterparts.Related Video:This article by Jon Fingas originally ran on Engadget, the definitive guide to this connected life. Image Credit: AP Photo/Eric Risberg Green Lexus Safety SUV Autonomous Vehicles Videos California transportation gear

Lexus gets new boss, and he's a designer

A reshuffle in the uppermost ranks of Lexus could see the Japanese luxury brand further energize its recent focus on design. Tokuo Fukuichi, Toyota's global design boss, is the new head of Lexus International.
Fukuichi will retain his role as the overall head of design for Toyota, Lexus and Scion, and will assume his new position at the head of Lexus and on its board on April 1 (no fooling). This is going to be an interesting move for fans of design to watch, as Fukuichi has repeatedly been mentioned as a designer that enjoys pushing the edge of the envelope and experimenting. He is, after all, the man responsible for designing the most awesomely odd minivan of the 1990s, the mid-engined, rear-drive Toyota Previa, and more recently, he signed off on the controversial Lexus LF-NX concept, which is said to presage a new production small crossover.
"Regarding changes in design, no one has 100 percent confidence," Fukuichi told Forbes back in January 2013. "No one can really say with pure certainty that, 'In two years, this will sell well.'" As Akio Toyoda continues to demand more assertive, edgier designs, it's that point of view that should make Fukuichi a valuable addition to Lexus, as it continues to challenge the competition from Germany.