You know that the new Lexus IS 350 is one of the fastest sedans in its class, but Lexus is working on an even faster two-door model with V8 power. The new model will be called IS 500. The new IS 500 wil feature a 5.0-liter V8 engine dellivering around 400 hp, more that the 307 hp of the curent IS 350.

The new Lexus will make world debut in late 2007 as a 2008 model.

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