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Toyota announces two recalls affecting 1M Corolla, Matrix and Lexus IS models

The recall bug strikes Toyota again. The automaker has issued a voluntary recall of three models that, in total, represent more than one million units. Around 752,000 2003-2004 Toyota Corolla and Matrix models are being recalled for airbag concerns, while a windshield wiper issue is causing the recall for close to 270,000 Lexus IS sedans from the 2006-2012 model years.
Completely unrelated to the small airbag-related recall issued earlier in the week, the Corolla and Matrix recall is caused by a faulty airbag control module that could potentially short circuit, which could lead to the front airbags or seat belt pretensioners deploying. The Lexus recall is due to a wiper arm nut that wasn't tightened properly, which can cause the wipers to not work when trying to clear heavy buildup such as snow.
Scroll down for a press release that includes more information, as well as details about how owners can contact the manufacturer directly.

Lexus LF-1 Limitless luxury crossover concept is an intergalactic flagship

A dressed-up Land Cruiser it is not. As most every manufacturer making cars in 2020 will be offering crossovers in varying sizes, Lexus has unveiled its new LF-1 Limitless concept, which has been penned at Toyota's Calty Design Research in Southern California. The vehicle is billed as a "flagship crossover," meaning it slots above the RX and offers more flair than the more truck-like GX and LX models. If the design of the concept seems sharp, it's at least in part due to the design approach Lexus calls "molten katana" — with the appearance of a Japanese sword in automotive form. The spindle grille that's been the centerpiece of recent Lexus front ends is now a three-dimensional design, which appears to mimic a "Star Wars" ship's shift into hyperspace, eschewing surrounding chrome in favor of LED lighting. The concept detailing includes slightly Tesla–like door handles, which reveal a Lexus logo in the negative space, and a roof spoiler split in the middle. Door mirrors have been shaved off, with the rear view delivered into screens around the instrument cluster, where they resemble motorcycle mirrors. The feel of hyperspace continues inside, with the perforated door trim allowing lighting through like a starry sky. There are four matching, individual white leather seats under the moonroof, and there's a dedicated light show on offer at the press of the start button, depending of the function mode selected. Most analog switches have been replaced by haptic controls grouped around the driver, or fitted in the steering wheel; all powertrain controls are either in the wheel or in the steering column. By "Limitless," Lexus appears to refer to the choice of propulsion. Reading between the lines, there doesn't seem to be a set powerplant for the vehicle, as by 2025 all Lexus model lines will be electrified in some fashion, and the production version could be a fuel-cell vehicle, a PHEV, all-electric, or gasoline-powered. There's also a hands-free driver assist level Lexus calls "Chauffeur mode." In addition, there's a fourth dimension to the concept's navigation system — time. The setup reads traffic information, anticipating possible stops on the way. The idea, according to Lexus, is that the navigation system should feel like a concierge, a virtual assistant instead of just a map screen.

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.