I always thought it to be Luxury EXecutive United States,but a check on Wikipedia says differently.
'In 1986, Toyota’s longtime advertising agency Saatchi & Saatchi formed a specialized unit, Team One, to handle marketing for the new premium brand.[12] Image consulting firmLippincott & Margulies was hired to develop a list of 219 prospective names; Vectre, Verone, Chaparel, Calibre and Alexis were chosen as top candidates.[19] While Alexis quickly became the front runner, concerns were raised that the name applied to people more than cars (being associated with the Alexis Carrington character on the popular 1980s primetime drama Dynasty),[19][20] and as a result the first letter was removed and the "i" replaced with a "u" to morph the name to Lexus.[20]
The etymology of the Lexus name has been attributed to the combination of the words "luxury" and "elegance,"[21] and another theory claims it is an acronym for "luxury exports to the U.S."[21] According to Team One interviews, the brand name has no specific meaning and simply denotes a luxurious and technological image.[19] Just prior to the release of the first vehicles, database service LexisNexisobtained a temporary injunction forbidding the name Lexus from being used as they stated it might cause confusion.[22] The injunction threatened to delay the division's launch and marketing efforts.[22] Upon reflection, a U.S. appeals court lifted the injunction, deciding that there was little likelihood of confusion between the two products.[22]'