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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.

2016 Lexus ES shows updated, US-spec face

Lexus debuted the refreshed style for the ES at the Shanghai Motor Show with a much more prominent take on the company's spindle grille. If you hoped the conspicuous schnoz might be toned down for the US version of the luxury sedan, we have some bad news. The US-spec 2016 Lexus ES looks exactly the same. The spindle grille stands as one of the most polarizing styling features on new vehicles today. Rather than soften things, Lexus' designers make the shape even more pronounced for the refreshed ES. The latest take removes the crossbar from the center and outlines the whole thing in chrome. More angular, standard LED headlights make the edges appear even sharper, as do the triangular foglight surrounds at the lower corners. At the back, the taillights feature a more conspicuous L-shape and chrome-tipped, rectangular exhaust tips finish things off on the ES 350. The company also adds some evocatively named colors, including Autumn Shimmer, Nightfall Mica, Caviar, and Eminent White Pearl. Beyond the updated looks, the other major change for the ES is the availability of the Lexus Safety System+ suite of tech. It includes a Pre-Collision System, Lane Departure Alert with Steering Assist, Intelligent High Beam, and High-Speed Dynamic Radar Cruise Control. If all that isn't enough to make you feel more secure behind the wheel, a blind spot monitor with rear cross traffic alert is an additional option. The improvements to the interior aren't quite as drastic as the outside. There's a redesigned steering wheel, shift knob with a leather boot, and more soft-touch materials around the console. New trim colors include Linear Dark Mocha, Illustrious Piano Black, and matte-finish Bamboo. Both ES 350 and ES 300h models are unchanged in terms of powertrains. For a starting price of $38,940, after the $940 destination charge, buyers can get the ES 350 with a 268-horsepower, 3.5-liter V6 and six-speed automatic. For $41,860, customers can order an ES 300h with a hybrid, 2.5-liter four-cylinder making a total output of 200 hp. Luxury, Emboldened: Lexus ES 350 Revs Up Style and Luxury for 2016 Refreshed Look with Bolder Rendition of Lexus Spindle Grille Standard LED Headlights and Other Premium Design Features New Lexus Safety System+ Suite of Driver Assist Technologies Upgraded Interior Finishes Mark Levinson Audio and Panoramic Roof Available with All Packages July 10, 2015 Maintaining luxury leadership requires a relentless pursuit.

Lexus still weighing convertible prospects [w/poll]

Lexus dealers may be clamoring more for a three-row crossover than a two-door convertible, but as far as the automaker itself is concerned, the prospect of a droptop is not out of the question. In fact, according to the latest report from Automotive News, Lexus is currently considering two alternative proposals for adding a new convertible to its lineup. One would be based on the LF-C2 concept showcased at the LA Auto Show last month and take the form of an RC convertible, essentially taking the place of the outgoing IS Convertible at a relatively accessible market position. The other would essentially be a roadster version of the LF-LC sports car and take a much higher position in the company's lineup. Lexus is reportedly evaluating whether it can justify having both convertibles in its lineup – something it hasn't done since the IS and SC convertibles briefly overlapped in 2009-10. But considering the downwards slide in sales of IS Convertibles, it would be hard to make the business case for two new ones. So if sales of the IS Convertible have been so low, why make a new droptop altogether, you ask? A fair question, and the answer very well might come down to projecting a more youthful image and attracting younger buyers into Lexus showrooms – even if they don't ultimately buy a convertible at all. Lexus is well aware that its core customer base is aging, and is in no rush to alienate its more mature clientele, but if it's going to succeed in the long run, it's going to have to bring in younger customers. Have an opinion one way or the other? Voice it in the informal poll below.