1st Quarter Results 2/5

Toyota Motor Corporation
03 August 2004

              FY2005 First Quarter Consolidated Financial Results

                     (April 1, 2004 through June 30, 2004)

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

        English translation from the original Japanese-language document



                                                                  August 3, 2004
Company name                                        : Toyota Motor Corporation
Stock Exchanges on which the shares are listed      : Tokyo, Nagoya, Osaka, Fukuoka and Sapporo

                                                     Stock Exchanges in Japan
Code number                                         : 7203
Location of the head office                         : Aichi Prefecture
URL                                                 : http://www.toyota.co.jp
Representative                                      : Fujio Cho, President
Contact person                                      : Takashi Hata, Managing Officer

                                                     Tel. [phone]
Whether or not to be prepared in accordance with    : Yes
accounting principles generally accepted in the
United States of America



Results of FY2005 first quarter (April 1, 2004 through June 30, 2004)

                                (Amounts are rounded to the nearest million yen)

(1) Consolidated financial results
                                Net revenues                Operating income         Income before income taxes,
                                                                                   minority interest and equity in
                                                                                   earnings of affiliated companies
                           Million yen              %    Million yen             %      Million yen               %
FY2005 first quarter         4,510,316         <10.2>        448,620        <31.6>          470,429          <26.7>
FY2004 first quarter         4,092,939          <5.6>        340,772       <-13.2>          371,279         <-12.1>
                                                                           
FY2004                      17,294,760         <11.6>      1,666,890        <31.1>        1,765,793          <44.0>


                                 Net income               Net income per share           Net income per share
                                                                 - Basic                       - Diluted
                          Million yen               %                           Yen                             Yen
FY2005 first quarter          286,617          <28.8>                         86.24                           86.22
FY2004 first quarter          222,585          <-9.7>                         64.83                           64.83
FY2004                      1,162,098          <54.8>                        342.90                          342.86

Note : Regarding net revenues, operating income, income before income taxes,
minority interest and equity in earnings of affiliated companies and net income,
the figures in parentheses show percentage of changes from the corresponding
period of the preceding year.



(2) Consolidated financial position
                           Total assets       Shareholders' equity         Ratio of         Shareholders' equity
                                                                                                  per share
                                                                     shareholders' equity
                                 Million yen            Million yen                      %                     Yen
FY2005 first quarter              22,605,452              8,349,918                   36.9                2,522.00
FY2004                            22,040,228              8,178,567                   37.1                2,456.08










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