First, this rumor was reported here ~2 weeks ago in the powertrain thread... keep that in mind. C&D is rehashing that same information.
I know some of what I've posted over the last 5 years has seemed negative and downtrodden on Lexus, but this is another one where I hate to say I was right. Rumors of a TT V8 started in 2007 directly from Mark Templin and the brand took way too long to make it a reality, so now it's stillborn. Something was clearly wrong internally - most likely a lack of vision and commitment resulting in continual delays and then losing the business case.
LS has already been a failure... what does no V8 mean for the LC? TT V6 or hybrid V6 in a grand touring coupe? No.
What about for the next LX in markets like USA, Russia and UAE that like their V8s? Lincoln has had a 450hp TT V6 since 2017 and Lexus thinks they're going to drop a 420hp one for 2022 and make waves? Range Rover, Mercedes and BMW all offer V8s in their flagship SUVs. Rumors of LX F and probably LX 600 are now dead.
LF-1, if it happens, is going to come with 420hp as the top engine - and it'll probably weigh 5,500 lbs? Yikes. Overweight GA-L with V35A-FTS has not been a great combination for the LS, hard to see it being any better for an LS SUV.
There is no real case to keep the F brand now either.
I'm not going to rehash all of Lexus' failures over the last decade, but I think a lot of people were willing to write them off as a transitional period while pinning their hopes on flagship F products (LC F) and this unicorn turbo V8 to turn a new page. Now those things are gone. A lot of these errors would be understandable if we had some sort of future brand playbook or technology showcase that showed Lexus was going all-in on hybrids or had awesome next-level battery tech. We've seen nothing. Toyota is aiming for solid state batteries around 2025, and with COVID, I'd assume at least a year delay, if not more. So what exactly is Lexus going to do for the next 6 years? And that assumes they'll even get access before Toyota, which is unlikely because Toyota has been given access to the best of everything years before Lexus in the TNGA era.
From the sidelines and as a business case, it's very hard to justify and understand what has - or hasn't - happened at Lexus over the last 10 years. And it seemingly keeps getting worse.