Lexus Aims to Manufacture Car to Rival Exotic Competitors

The company plans to launch a Lexus luxury sports car as early as 2009

As reported in Dow Jones Newswires, Japan, North America and Europe are the lucky countries in which the new LF-4 will be marketed.

At a price tag of $150,000, Lexus hopes to further improve its brand's image and attract more wealthy buyers.

This puts the new sports car in a league with Ferraris and Porsches.

Using technologies and new materials that Toyota has developed during Formula One racing, the luxury sports vehicle is designed to be powered by a 5.0-litre V10 engine.

The LF-4 concept car was revealed at the Detroit auto show last year.

Although the official announcement has not hit the Canadian media yet, there's a lot of buzz going around about whether Toyota can really revamp its image and take on such big competitors.

If it can, it'll prove that Toyota has a lot more street smarts than it's given credit.