Forwarding this from my.is. Very speculative at this moment of course, but it does make sense for Williams. Seeing Lexus as a brand participate in F1 will definite help Lexus' image for sure.
http://www.speedtv.com/articles/auto/formulaone/18422/

Williams to Confirm Cosworth Power for '06
Written by: Cassio Cortes Hockenheim, Germany – 7/25/2005

After months of uncertainty regarding its future engine plans, Williams has opted for the expected route: the Grove, UK-based team is set to announce a one-year customer deal with Cosworth this week - a possibility that has been ventilated since before this season even started.

The contract with F1’s last “boutique” engine builder is not meant for the long run, however, as Sir Frank Williams’ squad is set to campaign Toyota power in 2007, under the automaker’s luxury Lexus brand. That agreement has not come to fruition for next season only because Toyota is contracted to supply Jordan through '06, and preferred not to stretch its resources by having three teams on its fold.

Williams’ only realistic other option was to run customer BMW engines next year, as the German automaker will take over the Sauber squad in ‘06 to be its factory effort.

Although neither Williams nor BMW confirm the end of their relationship, Mario Theissen, the automaker's motorsport director, gave Munich's plans away by confessing at Hockenheim that "we want to finish this six-year partnership on a high, not a low."

A little more paddock dot-connecting indicates that by ‘07, both Toyota works squads will run on Bridgestone rubber - Williams and Toyota are in talks with the Japanese tire maker, with the British outfit’s switch from Michelin expected to happen next year already. If the Toyota-Bridgestone association is also confirmed, F1 would reach the even 50-50 split called for by Michelin, which currently supplies 70 percent of the teams.

The new deal also ensures a future for Cosworth’s new V8 engine, that has been under development since this year’s early stages. The company owned by Champ Car co-owners Kevin Kalkhoven and Gerry Forsythe will lose its main client for next season, Red Bull Racing, which will switch to Ferrari engines. Cosworth's other customer, cash-strapped Minardi, has opted to run detuned V10s in ‘06 to save money.

Cosworth can now await for a brightest future for Minardi - there’s speculation Paul Stoddart may sell the squad to the Eddie Irvine-led group initially linked to a Jordan buyout - in order to have a strong customer for 2007.

The departure of BMW will also mean a new driver lineup for Williams - Nick Heidfeld is tipped to head the automaker's new team next season, but Mark Webber is expected to stay at Grove - and, most certainly, a new paintjob in relation to the current navy blue/white of the Munich automaker...

 

I can't see lexus fighting toyota.
Not good marketing imo.

 

i think the toyota name will go away and in its place Lexus will be put on the badging...

 

i think thats what they did in the ALMS. putting Lexus badging instead of toyota since they used to have it in CART.

-Annant

 

Isn't Williams supposed to be using Cosworth engines next season???

 

Yeah, Cosworth for the next season in 2006, but that's only because: