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Japanese earthquakes send ripples through auto industry

The earthquakes since April 14 in Japan's Kumamoto Prefecture on the island of Kyushu are having aftershocks on the US auto industry, particularly for Toyota. The company shut down most of its factories in the country due to parts shortages, and the plants will be closed at least through April 23. "Decisions regarding recommencement of operation at plants in Japan will be made on the basis of availability of parts," the company said in a statement. According to Automotive News, Toyota's closed factories include a vast range of popular models in the US, including the Toyota Prius, Mirai, RAV4, 4Runner, Land Cruiser, Lexus ES, LS, IS, GS, RC, NX, RX, GX, and LX. The company's only sites in Japan that are still open build Hino trucks, Daihatsu models, and the Toyota Century limo. Toyota isn't yet sure whether these shutdowns could lead to vehicle shortages in the US. "As you can imagine, we are still reviewing the situation and working to learn more," company spokesperson Aaron Fowles told Autoblog. "While we know that production will be suspended in stages at most of our vehicle assembly facilities in Japan between April 18th and the 23rd, we do not know if they will continue production suspensions. Also, any effects to our inventory and/or sales have yet to be determined." He expects the automaker to know more in the coming days. Many of the affected Toyota plants aren't even in Kumamoto Prefecture, but major suppliers have factories in the region. For example, Aisin Seiki and Renesas Electronics both had to shutdown operations at plants in the area, according to Automotive News. Toyota isn't the only automaker affected. Nissan experienced a brief slowdown but was back to work on Monday, and Honda has suspended a motorcycle plant in the region until Friday. Mitsubishi had to close a production line due to the parts shortage, according to The Japan Times, but it didn't affect US models. "A supplier to our Mizushima plant has been impacted but they only supply an engine part for our mini car line. That line has been temporarily shut down due to that situation," spokesperson Alex Fedorak told Autoblog. "That same plant builds the Lancer and i-MiEv and there has been no impact to that line and production continues uninterrupted." Two major quakes hit Kumamoto Prefecture around Kumamoto city in the past week. The first on April 14 measured 6.4 magnitude, and a second on April 16 measured 7.3.

2018 Lexus LS has a livelier look and new twin-turbo V6

When considering that the Lexus LC 500 made it to production virtually unchanged from concept form, it was reasonable to think that the LS would similarly follow suit. Especially when the LS shares the LC's GA-L platform. Unfortunately, it didn't pan out that way. It is possible to spot cues inspired by the LF-FC concept, such as the lower contour of the windows, the crease in the metal leading up to the rear wheel, and of course the lights and spindle grille. But they're overshadowed by the fact that this LS has a significant amount more girth. View 14 Photos Just because it doesn't live up to the concept doesn't mean it's a bad looking car. It's far more interesting to look at than the dated, upright LS currently on dealer lots. It also sits quite low and the wheels and tires fill the wells nicely, which gives it a road-hugging stance. There are some nifty design details, too, such as the glass that is completely flush with the pillars. View 28 Photos As already mentioned, the new body is wrapped around a stretched version of the LC's platform, and it also uses its 10-speed automatic. Surprisingly, though, the LS doesn't use the LC's powertrain. Under the hood is a completely new twin-turbocharged 3.5-liter V6 that pumps out 415 horsepower and 442 lb-ft of torque. That puts it down on power, but ahead in torque compared with the LC's V8. It's also significantly more than the previous LS' V8, and Lexus predicts it will be capable of a 0-60 mph time of 4.5 seconds with rear-wheel drive. A Lexus PR representative also said the LS is only being released with the V6. We doubt it would be hard to drop one in later though if Lexus saw demand. Inside, the LS is more interesting than the outside would suggest. The dash is clearly inspired by the LC 500, utilizing a similar gauge pod with traction control and drive mode selectors protruding from each side. The dash is also dominated by a wide, dark section that houses the 12.3-inch infotainment display. Just below that, is an attractive strip of slats that follow the contours of the dash and house the air vents. Back seat passengers also will have a pleasant environment thanks to the fact that the LS will only be available in a long wheelbase form, so leg room will never be in short supply. They also will have access to available reclining seats, ottoman, and Shiatsu massage functionality. According to a spokesman, the Japanese-style of massage function is a first for the LS.

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.