1st Quarter Results 2/5

Toyota Motor Corporation
03 August 2005

August 3, 2005

Highlights of Consolidated Financial Results

for FY2006 First Quarter

                     (April 1, 2005 through June 30, 2005)

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



                                    (Billions of yen unless otherwise specified)
                                FY2005 First Quarter   FY2006 First Quarter                    FY2006 Forecast
                                 (Apr. 2004 through     (Apr. 2005 through    % of change    (Apr. 2005 through
                                     Jun. 2004)             Jun. 2005)        from FY2005        Mar. 2006)             
                                                                                  First
                                                                                Quarter
Vehicle sales                                  1,791                    1,948         8.8%                   7,970

(Thousand units)
Net revenues                                 4,510.3                  4,981.7        10.5%
Operating income                               448.6                    405.1        -9.7%

                                <9.9%>                   <8.1%>
Income before income taxes,                    470.4                    421.8       -10.3%
minority interest and equity in
earnings of affiliated                       <10.4%>                   <8.5%>
companies


Net income                                     286.6                    266.8        -6.9%

                                <6.4%>                   <5.4%>
Factors contributing to                                  Operating income decreased by
increases and decreases in
operating income                                                43.5 billion yen
                                                     (Increase)
                                                     Marketing efforts                30.0
                                                     Cost reduction efforts           30.0

                                                     (Decrease)
                                                     Effects of changes              -10.0
                                                     in exchange rates
                                                     Decrease in the gains            -6.7
                                                     recognized on transfer of
                                                     the substitutional portion
                                                     of the employee pension fund
                                                     to the Government
                                                     Increases in R&D expenses,
                                                     etc.                            -86.8


                                                                                     
Exchange rates                  JPY110/US$           JPY108/US$
                                JPY132/Euro
                                                     JPY135/Euro
Capital investment                             215.5 265.3                                                 1,250.0
(excluding leased vehicles)
Depreciation expenses                          181.2 190.7                                                   830.0
Performance evaluation                               Increase in net revenues and
                                                     decreases in operating income, income
                                                     before income taxes, minority
                                                     interest and equity in earnings of
                                                     affiliated companies, and net income

Note:     Toyota prepares its consolidated financial statements in accordance
with accounting principles generally accepted in the United States of America.


Cautionary Statement with Respect to Forward-Looking Statements

This report contains forward-looking statements that reflect Toyota's plans and
expectations.  These forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and other factors
that may cause Toyota's actual results, performance, achievements or financial
position to be materially different from any future results, performance,
achievements or financial position expressed or implied by these forward-looking
statements.  These factors include: (i) changes in economic conditions and
market demand affecting, and the competitive environment in, the automotive
markets in Japan, North America, Europe and other markets in which Toyota
operates; (ii) fluctuations in currency exchange rates, particularly with
respect to the value of the Japanese yen, the U.S. dollar, the Euro, the
Australian dollar and the British pound; (iii) Toyota's ability to realize
production efficiencies and to implement capital expenditures at the levels and
times planned by management; (iv) changes in the laws, regulations and
government policies in the markets in which Toyota operates that affect Toyota's
automotive operations, particularly laws, regulations and policies relating to
trade, environmental protection, vehicle emissions, vehicle fuel economy and
vehicle safety, as well as changes in laws, regulations and government policies
that affect Toyota's other operations, including the outcome of future
litigation and other legal proceedings; (v) political instability in the markets
in which Toyota operates; (vi) Toyota's ability to timely develop and achieve
market acceptance of new products; and (vii) fuel shortages or interruptions in
transportation systems, labor strikes, work stoppages or other interruptions to,
or difficulties in, the employment of labor in the major markets where Toyota
purchases materials, components and supplies for the production of its products
or where its products are produced, distributed or sold.

A discussion of these and other factors which may affect Toyota's actual
results, performance, achievements or financial position is contained in
Toyota's annual report on Form 20-F, which is on file with the United States
Securities and Exchange Commission.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
MORE TO FOLLOW

QRFUORURVRRWRRR