In September 1991, for the 1992 model year, Lexus announced the second generation Lexus ES (XV10) almost one year after the introduction of the second generation Acura Legend, but before Infiniti finally decided to add a similarly classed sedan, the J30. The second generation ES shared its design with the new generation Toyota Windom (XV10), which was officially announced in Japan on September 30, 1991, introduced at the October 1991 Tokyo Motor Show, and exclusive to Toyota Japan dealership sales channel called Toyota Corolla Store as the top level luxury sedan. The Windom itself shared elements with the latest generation of the Japan-market Toyota Camry Prominent.
Completely redesigned and now sharing design features with the XV10 series Toyota Windom and styling cues with the LS 400, the model was renamed the ES 300 to reflect the half-liter increase in engine displacement to 3.0-liters. The second generation ES was significantly larger and more curvaceous than its predecessor, gaining 127 millimetres (5 in) in length and 76 millimetres (3 in) of width. On the front fascia, the ES gained projector headlamps in a curved housing and a three-slat grille with the Lexus emblem moved above on the hood. The side profile featured an invisible B-pillar and frameless-window doors. The rear deck lid featured an integrated spoiler effect similar to the flagship LS 400, improving the ES model's aerodynamics, now rated Cd=0.32.
Inside the cabin, the second generation ES featured California walnut trim on the center console, leather seats, an eight-speaker premium sound system, and keyless entry. The added wheelbase length and overall width made for increased legroom and shoulder space than the previous model. Compared to its Camry relative, the ES 300 featured separate styling, a different suspension setup with front and rear independent MacPherson strut, and added weight amounting to 90 kg (200 lb). Much of this is due to increased dimensions, asphalt insulation in the body panels and additional on-board equipment. As with its predecessor, anti-lock brakes were standard.
The ES 300 sported a 138 kW (185 hp) 3.0-liter 3VZ-FE V6 engine and had an advertised 0–97 km/h (0–60 mph) time of 7.9 seconds. In Japan, where the ES was badged as the Toyota Windom, a 2.5-liter 4VZ-FE version producing 128 kW (172 hp) was made available in October 1993. Lexus offered a standard five-speed E53 manual transmission and optional four-speed A540/1E automatic.
Production assembly of the ES 300 commenced on September 9, 1991, and the sedan went on sale later that year in the U.S. as a 1992 model. The sedan was not released in Europe, where similar Toyota models were offered. The second generation ES was a major sales success, becoming Lexus' best-selling vehicle overall. In its first full year of sales, the ES logged 39,652 units, and throughout the following years of its production run, sales reached near or above that figure. Although the initial US base price was $26,550, this increased to over $30,000 in later years. By 1994, in part because of the rising yen and high demand, the manufacturer's suggested retail price had increased to $31,200, 19.3 percent more than the original 1992 figure. In 1993, a passenger airbag was added as standard equipment.
1994–1996
Minor updates were introduced in 1994 for the 1995 model year, including: a revised grille insert, new headlights and fog lights, outside air temp readout, and CFC-free air conditioning. In North America, the 1994 update introduced the new all-aluminum 1MZ-FE engine with 140 kW (188 hp). This change in engine resulted in a change in model code for the car (now known as the MCV10 series). Other markets retained the 3VZ-FE engine (and thus retained the VCV10 model code).
In September 1995 for the 1996 model year, Lexus offered an ES 300 "Coach Edition", featuring select Coach leather trim in the interior and a set of Coach luggage. Despite being its final year of sales, the 1996 ES 300 logged a 21 percent increase in sales over the previous year in the US, and 40,735 units were produced that year.