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First report:

Toyota has been eyeing Nissan's success with the revived 350Z - and apparently, from spy pictures nabbed this week, it's been a little jealous of supercars like the Porsche Carrera GT, too. Toyota 's been caught testing what some insiders are calling the "TXS," a limited-production exotic that might be powered by a V-10 engine worth 500 hp.

Pictures show the TXS with enough cladding to disguise much of its shape, but clearly, this is no Celica or MR2-sized sportscar. Insiders suggest the car will tip in at less than 3000 pounds, giving its 500-hp powerplant (with 370 lb-ft of torque) a serious chance at catching the likes of the Porsche and Benz supercars. Top speed could reach 190 mph, the same league as the 550-hp Ford GT. Whether the drivetrain offers any version of Toyota 's hybrid technology is unknown.

Whether the final vehicle is sold as a Lexus or as a Toyota , it's likely that a limited production run of about 10,000 units is in order. Expect a debut at the 2005 Tokyo Motor Show and an on-sale date soon after - with a price tag well over $100,000.

http://www.thecarconnection.com/index.asp?article=7633

Refinement:

Two concepts will show up in Detroit as well: a Toyota concept sport wagon loosely based on the next Highlander due in the 2006 model year, and the Lexus LF-A, a high-performance sportscar concept presaged by spy shots of a supercar running around Toyota's stomping grounds.

http://www.thecarconnection.com/index.asp?article=7842

And finally:

Lexus is using the Detroit show to showcase a departure from its cushy, luxury image in the form of its LF-A sports car concept, featuring V10 performance and a design that will signal a new direction in styling for Toyota’s Lexus brand.

The car we caught testing recently (and shown in these photos) now looks as though it was early engineering mule of the LF-A. The car is said to have a 500-hp, 370-lb-ft V10-mill under the hood, weigh less than 3000 pounds and to be able to hit a top speed of 190 mph. Pricing will be in excess of $100,000 for one of an estimated 12,000 that Toyota/Lexus plans to produce.

Lexus will also show a refreshed version of its GX 470 luxury and an RX 330 Thundercloud limited edition appearance package.

http://www.autoweek.com/news.cms?newsId=101442

And I don't know why I didn't post this sooner, since info has been percolating for months. :thinking: