Toyota issues sustainability bonds to fund EV push

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Toyota has sold ESG (environmental, social and governance)-labeled debt in dollar-denominated sums for the first time in two years as it aims to increase its production of electric vehicles and compete with American EV maker Tesla, Japan Times has reported.

The manufacturer has priced US$1.5 billion (RM6.8 billion) in sustainability bonds in three parts, the report cites a person with knowledge of the matter as saying. Book orders were said to be valued at over US$6 billion (RM27.4 billion) as of last Thursday, according to the source.

According to a Nikkei Asia report, the three parts of the sustainability bonds will be in three-year, five-year and 10-year terms, with yields of 5.275%, 5.118% and 5.123%, respectively; these bonds received an A1 credit rating from Moody’s Investors Service, the Nikkei Asia report added.

Toyota issues sustainability bonds to fund EV push

Toyota has issued its sustainability bonds under the Woven Planet Bond banner since 2021, the proceeds from which it plans to use to support environmental and social projects, in addition to the aforementioned development and production of electric vehicles.

In 2021, Toyota issued 430 billion yen (RM14.1 billion at today’s rate) in sustainability bonds, and this issuance was split between dollar- and yen-denominated notes.

The Japanese manufacturer announced in May that it will establish BEV Factory, a new outfit dedicated to accelerating EV development and its businesses, the month before having pledged to debut 10 new EVs by 2026. Last month, it held the Toyota Technical Workshop, during which it announced a host of technologies that will support its transition into a mobility company.

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