It may be hard to tell from the picture, but what you're looking at, according to our sources, is a test mule for a Lexus IS convertible. Information accompanying the spy shot suggests that the car is destined for production by the end of 2009 and will feature the full range of engines available in the Lexus IS sedan, from the 177-hp European diesel 220d to the 423-hp IS-F (!).
If the information is correct, the IS cabrio would be the first body style derivative of the Lexus sports sedan since the previous generation model spawned the SportCross wagon, and would slot in the Lexus line-up under the SC 430 convertible and, if built, the LF-A Roadster. However, as one forum member pointed out, by 2009 the IS sedan would be entering its fifth year of production and itself be due for replacement soon thereafter. Thanks for the tip, Kevin!