On sale since 2013, the third-generation Lexus IS received a major facelift in 2016, so you'd expect the soon-to-arrive 2021 model to be an all-new car. With shrinking market share for sedans, though, Lexus is taking a more conservative approach.The 2021 Lexus IS will not be an all-new model, and as such it will not be built on Toyota's TNGA-L luxury rear-drive architecture. Instead, it will soldier on with the existing New N platform introduced back in 2013.

This doesn't mean it'll drive the same, though. We're told the chassis has been upgraded, and the suspension has had a thorough rework, with the new IS being the first Lexus product developed at Toyota's new Shimoyama facility, a Nürburgring-like R&D center in the mountains outside Toyota City, Japan. The exterior styling will pull influence from the latest Lexus models. Taking cues from the LS, we believe Lexus will slightly tone down the controversial "spindle" grille by blending it into the front end with fewer protrusions. The headlights will also be updated to the new style, with the swoosh DRLs moved inside the headlight lenses. A new rear end will be enhanced by more pronounced hips over a wider rear track to give the car a sportier stance. Although the bones of the car have had work done, we expect very few changes under the hood. Our understanding is the current engines will carry over.

This means a base 2.0-liter turbocharged inline-four making 241 hp and 258 lb-ft of torque, a midgrade 3.5-liter V-6 making 260 hp and 236 lb-ft, and a high-performance 3.5-liter V-6 making 311 hp and 277 lb-ft. All will be had with rear-drive and an eight-speed automatic, with all-wheel drive available only on V-6 models. If you were hoping the death of the larger GS sedan might mean the return of the IS F sport sedan, keep hoping. As of right now, there's no IS F in the cards, though with the IS having to cover for the GS now, Lexus is considering a new range-topping IS 500. Rather than the GS F's 5.0-liter V-8, the IS 500 would borrow the LS 500's 3.5-liter twin-turbo V-6 good for 416 hp and 442 lb-ft. Lexus product planners are still deciding if this model makes sense, so you definitely won't see it at launch. Start rattling cages if you want to see it come to market. Plugging the hole left by the GS will require a more luxurious interior, and Lexus has that front covered. The dashboard will get a rework to bring it up to date with the latest styling language, so expect influence from the LS. Likewise, the infotainment will be upgraded to Lexus' latest hardware and software, a marginal improvement from one of the least intuitive user interfaces in the industry.

Lexus had planned to reveal the new IS at the since-postponed New York auto show and is now targeting an independent reveal sometime this summer. Because it's a major overhaul rather than an all-new product, we expect prices to remain the same, with the base car coming in just a hair under $40,000 when it goes on sale late this year (barring any further delay).