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Toyota expands Takata airbag inflator recall

The Basics: Toyota will recall 198,000 examples of the 2008 Corolla and Matrix and the 2008-2010 Lexus SC430. The Problem: The vehicles contain Takata's dual-stage inflators in their front passenger airbags, which could rupture in a crash. Injuries/Deaths: None reported in this population of vehicles. However, experts believe Takata's inflators have links to at least ten fatalities. The Fix: Dealers will replace the part with a newly manufactured one. If You Own One: Toyota will notify owners about the recall by first-class mail in March and will send a remedy letter in June when the parts are ready. TOYOTA EXPANDS TAKATA AIRBAG SAFETY RECALL TORRANCE, Calif., March 2, 2016 – Toyota Motor Sales, USA, Inc. today announced that it is expanding two of its recalls involving Takata front passenger airbag inflators. This will add model years of certain vehicles previously recalled and will cover all remaining dual-stage front passenger inflators of a particular type, as a precautionary measure. Approximately 198,000 Model Year 2008 Corolla and Corolla Matrix and Model Year 2008-2010 Lexus SC430 vehicles will be added to the recalls. The involved vehicles are equipped with a Takata-produced dual-stage front passenger airbag inflator which could potentially be susceptible to rupture when deployed in a crash. All known owners of the affected Toyota / Lexus vehicles will be notified by first class mail. Dealers will replace the airbag inflator or the airbag assembly with a newly manufactured one at no cost. 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 Safety Recall information on Toyota, Lexus or Scion vehicles, customers should check their vehicle's status by visiting toyota.com/recall and entering the Vehicle Identification Number (VIN). Safety Recall inquiry by individual VIN is also available at the NHTSA site: safercar.gov/vin. For any additional questions, customer support is also available by calling Toyota Customer Service at 1-800-331-4331, or Lexus Customer Service at 1-800-255-3987. ###

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.

Lexus nixes RC convertible in favor of LS-based 3-row crossover [w/poll]

When Lexus unveiled the LF-C2 concept at the LA Auto Show last week, it did two things: it previewed the direction in which the Japanese luxury automaker's design department was looking for the immediate future, and it previewed a cabrio version of the RC coupe (to replace the IS Convertible) on the other. But the latter, according to new reports, was ruled out before the concept ever took the stage. Although the prospect of a convertible version was engineered right into the RC coupe's chassis, Motor Trend reports that plans to put such a vehicle into production were met with hostility by Lexus dealers, who were offered a two-door convertible instead of the three-row crossover they've been lobbying for. As a result – and with a finite amount of development bucks on hand – Lexus is reportedly listening to its dealers, axing the RC Convertible program and proceeding instead with a seven-seat crossover. Plans to stretch the RX were reportedly ruled out, so Toyota is reportedly proceeding instead with a new model to be based on the LS sedan. The new model would take aim at the likes of the Mercedes GL, Audi Q7 and Infiniti QX60 when it arrives in three years as a 2018 model. It's not the first time we've seen Toyota listen to dealers asking for a high-end people-mover: Earlier this year, dealers in Japan asked the automaker for a luxed-out minivan, prompting it to build the Esquire van just for the Japanese Domestic Market.