We really hope it's not true.
Toyota is working on a new 3.5-liter twin-turbo V6 that will supposedly replace the naturally aspirated 5.0-liter and 5.7-liter V8s. The latter can be found in the Toyota Tundra and Sequoia while the former powers the Lexus RC F and LC 500. Both engines will be retired due to their inability to meet new emissions requirements.
Toyota is also rumored to be developing a new twin-turbo V8 that could produce above 600 horsepower in the upcoming Lexus LC F. Unfortunately, there's a new report coming from Japan claiming Toyota is canceling V8 engine development completely.
Japanese language Mag-X is claiming Toyota will instead focus on turbo V6s and electrified powertrains for the foreseeable future.
The magazine does not provide any quotes from an anonymous source, so we shouldn't automatically assume this is true. But the magazine did at least offer an explanation for Toyota's decision: Covid-19. That new twin-turbo V8 was supposedly slated to power a race-ready LC coupe for this year's 24 Hours of Nurburgring, which has been canceled like nearly everything else these days. The possible street-legal LC F would be a niche halo model and for it to have a unique and expensive engine no longer makes much financial sense, even for a major global automaker like Toyota. The pandemic is changing everything.
We've also reached out to Toyota North America seeking comment and we'll update this space if we receive a relevant reply.
But let's assume for a moment Toyota has indeed abandoned V8 engine development, does this also mean the LC F is finished? Probably. Earlier this summer came word the LC F project has been canned, again due to the uncertain times brought on by the pandemic. It would make sense its engine would also suffer the same fate.
Given new realities and the drive towards electrification going faster than ever, it wouldn't be shocking to see Toyota abandon this new V8 completely. If so, it's not the end of the world by any means. Turbocharging and electrification offer all kinds of interesting possibilities.