By Joseph B. White 

Toyota Motor Corp.'s Lexus is banking on a new sport utility to get it back in the running for top luxury car brands in the U.S.

Lexus this month is ramping up its launch of its NX small SUV, a model company officials say could be one of the brand's best sellers. "Our plan is to sell 40,000 NXs next year," Lexus General Manager Jeff Bracken said in an interview. Lexus sold 271,510 vehicles in total this year through Nov. 30.

Through November, Lexus's U.S. sales are running behind Daimler AG's Mercedes-Benz and BMW AG. The two German auto makers together have sold nearly 100,000 small SUVs this year amid low gas prices and robust light-vehicle demand.

Lexus was No. 1 among luxury auto brands in the U.S. from 2000 until 2010, having edged out Ford Motor Co.'s Lincoln brand and General Motors Co.'s Cadillac in the late 1990s. The brand's momentum skidded in 2011 after a devastating earthquake and tsunami disrupted production in Japan, and BMW and Mercedes unleashed a volley of new models in segments where Lexus didn't compete.

One reason Lexus fell behind is that it lacked a compact SUV until its 2015 NX model launched late last month. Its absence left the field wide open for luxury compact SUVs from BMW, Mercedes-Benz, Acura and Audi to grab buyers moving to SUVs and away from sedans.

Missing the compact luxury SUV trend was a reversal of fortune for Lexus, which had set its rivals on their heels by engineering a luxury sport-utility vehicle on the chassis of a midsize car. The original Lexus RX, launched in 1998, propelled Lexus sales during the ensuing years and prompted rivals to follow suit.

"I wish we had it earlier than now," Mr. Bracken said of the NX, which is hitting dealerships this month. "But we have it. It is the hottest segment in the luxury market."

With a starting price of $35,405, the NX competes with the BMW X3, Mercedes GLK, Acura RDX, Lincoln MKC, Infiniti QX50 and Audi Q3 and Q5, among others. Brands that don't have compact SUVs are rushing to develop them, including Cadillac and Volvo Car, owned by China's Zhejiang Geely Holding Group Co. Ltd.

Competitors including Audi AG are finding that lower-priced models--such as the $30,000 Audi A3--can pull in buyers who previously didn't consider a luxury model. Mr. Bracken said Lexus can close the gap with the top German brands without selling vehicles for less than $30,000. Its lowest cost model starts at around $32,000.

Lexus is adding other models, including a compact RC coupe. Next year Toyota's Georgetown, Ky., assembly plant will start building up to 50,000 Lexus ES midsize sedans.

Headed into the final weeks of this year's holiday sales, the race for the luxury car crown in the U. S. has BMW ahead of rivals. Sales for the BMW brand are up 10% at 298,212 during the first 11 months of the year.

Through Nov. 30, Mercedes-Benz sold 296,382 luxury cars, up 6% from a year ago. Lexus sales are up 14% to 271,510 vehicles. Audi has boosted sales for the year so far by 15.8% and is now in fourth place at 162,773 vehicles sold. General Motors's Cadillac brand has sold 154,600 vehicles, down 5.6%.

Corrections & Amplifications

Mercedes-Benz luxury cars sales this year through Nov. 30 were 296,382, up 6% from a year earlier, and behind BMW. An earlier version of this article used an incorrect figure for Mercedes sales and percentage change.

Write to Joseph B. White at joseph.white@wsj.com

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