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If the existing LX470 is a flagship, why hasn't it been fully updated in ages? Why is there a Toyco variant in the LC? I don't consider the LX at all a flagship. Unlike the LS, the LX is a derivative of the LC, which predates it.
LX is more expensive and outsells LS, so yeah, it is a flagship... if it is updated every year or not is beyond that question, or what you or me personally consider... it is $90k vehicle that is best seller, it is definition of flagship.