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Not according to Lexus 

Lexus-history-02.jpg

During that meeting, project manager John French was playing with some of the names as he doodled on his notepad. Dropping the first letter of ‘Alexis’ to use the ‘a’ as a determiner gave John the name ‘Lexis’, as in ‘a Lexis’. This was then only a minor progression into the word ‘Lexus’, which sounded less clipped and offered connotations of luxury and technology. By 1988, the LS 400 model name was chosen and the design for Lexus retailers was finalised. The new brand was set to launch.

https://blog.lexus.co.uk/lexus-history/

 

 

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I think the word ‘Lexis’ was not used because this was already in use by a firm of legal publishers, Butterworths, for their electronic database of legal materials. As far as I know, this was why it was changed to Lexus.

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"Theories of the etymology of the Lexus name have suggested it is the combination of the words "luxury" and "elegance,"[20] and that it is an acronym for "luxury exports to the U.S."[20] According to Team One interviews, the brand name has no specific meaning and simply denotes a luxurious and technological image.[18] Prior to the release of the first vehicles, database service LexisNexis obtained a temporary injunction forbidding the name Lexus from being used because it might cause product confusion.[21] The injunction threatened to delay the division's launch and marketing efforts.[21] The U.S. appeals court lifted the injunction, deciding that there was little likelihood of confusion between the two products.[21]"

https://en.wikipedia.org/wiki/Lexus

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Great at making cars, but not so great at naming them. Regardless of etymology, the impression is that the name is just the word Luxus with a single letter changed, and apparently the LS600h model name comes from "Luxury Sedan, engine-wise equal to S600, hybrid".

Once someone pointed out that the logo has a nose in it, I haven't been able to see it any other way...

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