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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.

Krafcik says US Gov. shutdown is slowing Oct. auto sales

The government shutdown is eroding consumer confidence in the auto market, says John Krafcik, CEO of Hyundai's US sales unit, and could lower October sales by as much as 10 percent, Automotive News reports. "It's that anxiety that keeps customers, potential buyers, on the sidelines when making a big purchase like an automobile," Krafcik says, adding that industry sales could be off by five to 10 percent in October compared to September.
The fourth quarter, which started October 1, usually consists of increased auto sales as dealerships clear their lots to make room for the next year's models. Leading up to the fourth quarter this year, the auto industry was doing well in the fragile, recovering US economy, although September deliveries decreased by 4.2 percent, due in part to this year's Labor Day sales being recorded for August.
To help its customers, Hyundai announced it is deferring new-car loan and lease payments for furloughed federal workers until they're called back to work and also offering them a three-month payment deferral if they buy a new Hyundai in October. "We have already had requests from over a thousand people to have their payments deferred," Krafcik says.

Refreshed 'exciting' Lexus ES takes a bow in Shanghai along with RX 200t

We were expecting a refresh and that's what we got. The 2016 Lexus ES, taken to "the next level of elegance and progressive luxury." A new front fascia design goes even bolder on the spindle grille, hiding the crossmember that separated the upper and lower sections, and rimming the whole thing with satin chrome. It's flanked by new LED projector headlights with the brand's pronounced "arrowhead" DRLs, and new triangular foglights laid into a matching sharp-edged motif. In back you'll find new taillights and chrome-tipped rectangular exhaust tips. In between those two ends, the body has been stiffened and gotten more sound-deadening material. The list of exterior hues grows to ten with the addition of Amber, Nightfall Mica, Caviar, and Eminent White Pearl. A new 20-spoke wheel joins the options list for non-hybrid models, whereas hybrids get a 10-spoke design. The cabin also broadens its tonal range in a variety of materials, with seats available in Flaxen, Parchment, Stratus Gray, and Black, and trim pieces in a choice of Illustrious Piano Black, Linear Dark Mocha Wood, Espresso Bird's Eye Maple with Shimamoku ornamentation, and matte Bamboo. Other touches include a new steering wheel, an embossed pattern on the seats, a leather boot for the gearshift, and a larger TFT display in the gauge cluster. Our engine options here won't change, but China, Russia, and Taiwan will be offered a 2.0-liter, direct-injected four-cylinder designed for China's emissions scheme. A new engine was also the news with the Lexus RX 200t rocking the dais at the Shanghai Motor Show, unveiled to the world next to its ES sibling. Available in certain international markets but not in the US, the RX 200t is powered by a 2.0-liter turbocharged four-cylinder working through a six-speed automatic transmission. Lexus hasn't released its official horsepower number, but says it's going for more than 228 horsepower; in the NX 200t it gets 235 horsepower 258 pound-feet of torque. You can check out the press release below for more details. Related Video: Refreshed 2016 Lexus ES Fuses Striking Design with Refinement and Safety at Shanghai International Motor Show Lexus RX 200t Also Makes Global Debut Active Safety Technology Integrated Into Lexus Safety System+ April 19, 2015 SHANGHAI, China (April 20, 2015) - As the best-selling sedan model in Lexus' impressive stable, the ES has come to define the very essence of near luxury sedan.