The 2008 Lexus IS F is exclusively powered by a performance-tuned 5.0-liter V8 engine producing 416 horsepower at 6,600 rpm and 371 lb.-ft. of peak torque at 5,200 rpm. With the implementation of a dual air intake system, high-flow cylinder heads with titanium intake valves designed by Yamaha, Variable Valve Timing with intelligence and Electrically controlled intake cam (VVT-iE) and other technological advancements, the engine outputs 83.2 hp per liter allowing the IS F to accelerate from 0 to 60 in a blistering 4.6 seconds and achieve a maximum track speed of 170 mph.

The IS F 5.0-liter engine is mated to the world's first eight-speed Sport Direct-Shift automatic transmission with a quick and direct special lock up clutch and a control system that enables ultra-quick manual upshifts (0.1 seconds) and blips the throttle for precision downshifts. The driver can shift manually using either the console shifter or steering-wheel-mounted paddle shifters when driving in either Drive mode (D) or Manual mode (M). The new transmission blends the performance characteristics of an automated manual-type transmission with the smoothness and refinement of a planetary-type automatic transmission, allowing the driver to choose between ultra-quick manual shifts for spirited performance driving and smooth automatic shifts when convenience and comfort are the top priorities.

Tested and tuned on some of the world's most challenging racetracks including Nurburgring Nordschleife and Fuji Speedway, the IS F has been designed for ultimate performance. Although using the basic double-wishbone front suspension and multi-link rear suspension configurations of the standard IS platform, the IS F benefits from a multitude of track-proven modifications that include increased spring and damper rates as well as larger-diameter stabilizer bars. The IS F also sits an inch lower and features suspension bushings and a calibrated Electric Power Steering (EPS) system tuned for a more direct feel.