As you can see in the video after the break, it certainly appears to hover, and smoke, but no one actually hops on the magnetically-levitating device for a ride. Gizmodo heard from the carmaker that this project has been in development over the last 18 months, but couldn't get more specific info on how it works.
The website explains that it's magnetic, with liquid nitrogen-cooled superconductors and permanent magnets, made with a Lexus grille and natural bamboo -- but stops there. We've seen a $10,000 magnetic hoverboard before, but it required a special metal track to ride on, and this teaser appears to show the board on regular ground (Lexus, confirmed that like the other examples we've seen, there is a metal surface underneath the skate park shown here -- it's real, but you won't be riding this thing just anywhere).
That seems rather unlikely, but we'll have to wait to find out more. Lexus says it will bring regular updates in the coming weeks about its "real, rideable hoverboard" but for now all we have is a teaser video to watch and speculate about.