According to Staff Reporter Mark Rechtin from Automotive News, September 16th Edition, he gives Denny Clemnts, Lexus Division general manager an interesting interview.

A ContenderA Contender
Clements also wnats to expand the IS300 lineup. Although the IS300 is positioned as Lexus' 3-series fighter, the BMW outsells it by a 5 to 1 margin.
He wants to make the IS300 more of a player with younger, performance-oriented buyers, especially since 95 percent of IS300 customers are first-timers to Lexus.
The next generation, expected in the 2005 model year, will be a contender and not a pretender, Clements promises. It will come in sedan, coupe and convertible versions. All-wheel drive will be available, as will a range of engins.
"Right now, it's just a placeholder," Clements said. "We don't need to get goofy with it. But we are very excited that it will grow to a full-line product. The next generations numbers are going to get bigger."
He also vows that Lexus will continue to adopt new technology while staying away from gadgetry.
"Consumers don't have time for fooling around figuring how to make a car work," Clements said.
"The next generation of ABS is going to be incredible, but it needs to be intuitive and passive. That's the technology I want, not a mouse that I don't have time to learn about."

 

Is LEXUS discontinuing the sportcross wagon? I see no mention of it your post.