1st Quarter Results 3/5

Toyota Motor Corporation
03 August 2004



                               FINANCIAL SUMMARY


                              FY2005 First Quarter

                     (April 1, 2004 through June 30, 2004)


        English translation from the original Japanese-language document


                             TOYOTA MOTOR CORPORATION



Note: This report contains summarized and condensed financial statements
prepared in accordance with accounting principles generally accepted in the
United States of America.




                              BUSINESS RESULTS

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



1. Summary of Consolidated Financial Results of FY2005 First Quarter



Financial Results

Domestic vehicle sales decreased by 5 thousand units, or 0.9%, to 538 thousand
units in FY2005 first quarter (three-month period from April 1, 2004 to June 30,
2004) compared with FY2004 first quarter, amidst the harsh conditions of a
market downturn compared to the same period of the previous fiscal year.
However, the market share of Toyota brand vehicles excluding minivehicles
reached 46.1% in FY2005 first quarter, as a result of the active introduction of
new models and the effect from the new Netz channel which began operations in
May, and the share including minivehicles was 41.6% in FY2005 first quarter due
to the preferable sales of Daihatsu and Hino brand vehicles, both figures
exceeding those in FY2004 first quarter.  Meanwhile, overseas vehicle sales
increased by 202 thousand units, or 19.3%, to 1,253 thousand units in FY2005
first quarter compared with FY2004 first quarter, as a result of increased
vehicle units sold in all regions, mainly due to the introduction of new
products that met local customer needs worldwide.  As a result, total vehicle
sales in Japan and overseas increased by 197 thousand units, or 12.4%, to 1,791
thousand units in FY2005 first quarter compared with FY2004 first quarter.

Net revenues increased by 417.4 billion yen, or 10.2%, to 4,510.3 billion yen in
FY2005 first quarter compared with FY2004 first quarter, and operating income
increased by 107.9 billion yen, or 31.6%, to 448.6 billion yen in FY2005 first
quarter compared with FY2004 first quarter.  Among the factors contributing to
the increase in operating income of 210.0 billion yen, marketing efforts
accounted for 170.0 billion yen and cost reduction efforts for 40.0 billion yen.
  On the other hand, factors contributing to the decrease in operating income of
102.1 billion yen primarily included the effects of changes in exchange rates of
70.0 billion yen and increases in expenses of 32.1 billion yen.  Income before
income taxes, minority interest and equity in earnings of affiliated companies
increased by 99.2 billion yen, or 26.7%, to 470.4 billion yen in FY2005 first
quarter compared with FY2004 first quarter.  Net income increased by 64.1
billion yen, or 28.8%, to 286.6 billion yen in FY2005 first quarter compared
with FY2004 first quarter.


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



2. Consolidated Financial Results of FY2005 First Quarter by Segment



(1) Segment Operating Results



Automotive:

Net revenues for the automotive operations increased by 401.3 billion yen, or
10.6%, to 4,199.8 billion yen in FY2005 first quarter compared with FY2004 first
quarter, and operating income increased by 69.9 billion yen, or 20.9%, to 403.8
billion yen in FY2005 first quarter compared with FY2004 first quarter.  The
increase in operating income was mainly due to substantial increases in both
production volume and vehicle units sold as well as cost reduction efforts made
by TMC and its subsidiaries.



Financial services:

Net revenues for the financial services operations decreased by 3.1 billion yen,
or 1.7%, to 180.9 billion yen in FY2005 first quarter compared with FY2004 first
quarter, while operating income increased by 35.6 billion yen, or 330.1%, to
46.2 billion yen in FY2005 first quarter compared with FY2004 first quarter.
The increase in operating income was mainly due to solid performance as a result
of an increase in financing volumes as well as the impact of interest rate swaps
stated at fair value with changes recognized in income held by sales financing
subsidiaries in the United States of America in accordance with the Statement of
Financial Accounting Standards (FAS) No.133 as amended by several related
pronouncements including FAS No.138.



All other:

Net revenues for all other businesses increased by 22.0 billion yen, or 11.9%,
to 205.7 billion yen in FY2005 first quarter compared with FY2004 first quarter,
and operating income increased by 4.3 billion yen to 1.5 billion yen in FY2005
first quarter compared with FY2004 first quarter.  The increase in operating
income was mainly due to steady production and favorable sales of the housing
business.



(2) Geographic Information



Japan:

Net revenues in Japan increased by 143.4 billion yen, or 5.3%, to 2,857.6
billion yen in FY2005 first quarter compared with FY2004 first quarter, and
operating income increased by 0.9 billion yen, or 0.3%, to 253.0 billion yen in
FY2005 first quarter compared with FY2004 first quarter.  The increase in
operating income was mainly due to substantial increases in both local
production volume and vehicle units exported as well as cost reduction efforts
made by TMC and its subsidiaries, partially offset by the effects of changes in
exchange rates.



North America:

Net revenues in North America increased by 95.3 billion yen, or 6.2%, to 1,626.1
billion yen in FY2005 first quarter compared with FY2004 first quarter, and
operating income increased by 65.2 billion yen, or 100.8%, to 129.8 billion yen
in FY2005 first quarter compared with FY2004 first quarter.  The increase in
operating income was mainly due to substantial increases in both local
production volume and vehicle units sold as well as cost reduction efforts made
by local manufacturing affiliates and solid performance by sales financing
subsidiaries.



Europe:

Net revenues in Europe increased by 61.1 billion yen, or 11.5%, to 591.0 billion
yen in FY2005 first quarter compared with FY2004 first quarter, and operating
income increased by 24.8 billion yen, or 398.8%, to 30.9 billion yen in FY2005
first quarter compared with FY2004 first quarter.  The increase in operating
income was mainly due to a steady increase in profits of local affiliates as a
result of an increase in local production volume and favorable sales in
countries including Turkey as well as cost reduction efforts made by local
manufacturing affiliates.



Other Foreign Countries:

Net revenues in other markets increased by 121.7 billion yen, or 22.2%, to 670.4
billion yen in FY2005 first quarter compared with FY2004 first quarter, and
operating income increased by 17.2 billion yen, or 84.2%, to 37.7 billion yen in
FY2005 first quarter compared with FY2004 first quarter.  The increase in
operating income was primarily due to increases in both local production volume
and vehicle units sold in all regions, mainly in Asia.


                       CONSOLIDATED PRODUCTION AND SALES

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



1. Production

        (Units)
                                            FY2005 first quarter     FY2004 first quarter               Increase
                                             (April 2004 through      (April 2003 through              (Decrease)
                                                      June 2004)               June 2003)

Vehicles  Japan                                        1,076,607                1,006,434                  70,173
(new)       North America                                297,084                  249,051                  48,033
            Europe                                       145,779                  125,565                  20,214
            Others                                       224,532                  154,243                  70,289
            Overseas total                               667,395                  528,859                 138,536
          Total                                        1,744,002                1,535,293                 208,709
Houses (Japan)                                               929                      870                      59

Note:    The total production of vehicles (new) includes 174,362 units of
Daihatsu brand vehicles (including OEM production) in FY2005 first quarter and
144,966 units in FY2004 first quarter, and 22,589 units of Hino brand vehicles
(including OEM production) in FY2005 first quarter and 18,422 units in FY2004
first quarter .





2. Sales (by destination)

  (Units)
                                            FY2005 first quarter     FY2004 first quarter               Increase
                                             (April 2004 through      (April 2003 through              (Decrease)
                                                      June 2004)               June 2003)

Vehicles  Japan                                          538,265                  543,357                 (5,092)
(new)       North America                                572,046                  508,679                  63,367
            Europe                                       247,816                  234,326                  13,490
            Others                                       433,841                  307,821                 126,020
            Overseas total                             1,253,703                1,050,826                 202,877
          Total                                        1,791,968                1,594,183                 197,785
Houses (Japan)                                               848                      761                      87

Note:    The total sales of vehicles (new) includes 161,610 units of Daihatsu
brand vehicles in FY2005 first quarter and 142,282 units in FY2004 first quarter
and 21,655 units of Hino brand vehicles in FY2005 first quarter and 16,861 units
in FY2004 first quarter.




                       CONSOLIDATED STATEMENTS OF INCOME

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



(Amounts are rounded to the nearest million yen)

                                             FY2005 first quarter    FY2004 first quarter               Increase
                                              (April 2004 through     (April 2003 through             (Decrease)
                                                       June 2004)              June 2003)

Net revenues :                                         4,510,316               4,092,939                 417,377
Sales of products                                      4,334,364               3,913,746                 420,618
Financing operations                                     175,952                 179,193                 (3,241)

Costs and expenses :                                   4,061,696               3,752,167                 309,529
Cost of products sold                                  3,463,780               3,139,303                 324,477
Cost of financing operations                              84,011                 109,669                (25,658)
Selling, general and administrative                      513,905                 503,195                  10,710

Operating income                                         448,620                 340,772                 107,848

Other income (expense) :                                  21,809                  30,507                 (8,698)
Interest and dividend income                              16,999                  13,558                   3,441
Interest expense                                         (3,352)                 (5,300)                   1,948
Other income, net                                          8,162                  22,249                (14,087)

Income before income taxes, minority                     470,429                 371,279                  99,150
interest and equity in earnings of
affiliated companies

Provision for income taxes                               202,307                 156,673                  45,634

Income before minority interest and                      268,122                 214,606                  53,516
equity in earnings of affiliated
companies

Minority interest in consolidated                       (16,298)                (13,189)                 (3,109)
subsidiaries

Equity in earnings of affiliated                          34,793                  21,168                  13,625
companies

Net income                                               286,617                 222,585                  64,032



    (Yen)
Net income per share - Basic                              86.24                   64.83                   21.41
Net income per share - Diluted                            86.22                   64.83                   21.39



                          CONSOLIDATED BALANCE SHEETS

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



(Amounts are rounded to the nearest million yen)

                                           FY2005 first quarter                  FY2004                 Increase
                                          (As of June 30, 2004)   (As of March 31, 2004)              (Decrease)
                Assets
Current assets :                                      9,060,256                8,848,453                 211,803
Cash and cash equivalents                             1,701,853                1,729,776                (27,923)
Time deposits                                            68,644                   68,473                     171
Marketable securities                                   626,884                  448,457                 178,427
Trade accounts and notes receivable,                  1,383,492                1,531,651               (148,159)
less allowance for doubtful accounts
Finance receivables, net                              2,776,834                2,622,939                 153,895
Other receivables                                       452,498                  396,788                  55,710
Inventories                                           1,124,779                1,083,326                  41,453
Deferred income taxes                                   449,564                  457,161                 (7,597)
Prepaid expenses and other current                      475,708                  509,882                (34,174)
assets

Noncurrent finance receivables, net                   3,500,013                3,228,973                 271,040

Investments and other assets                          4,600,864                4,608,155                 (7,291)

Property, plant and equipment :                       5,444,319                5,354,647                  89,672
Land                                                  1,159,727                1,135,665                  24,062
Buildings                                             2,832,508                2,801,993                  30,515
Machinery and equipment                               7,738,055                7,693,616                  44,439
Vehicles and equipment on operating                   1,575,709                1,493,780                  81,929
leases
Construction in progress                                259,130                  237,195                  21,935
Less - Accumulated depreciation                     (8,120,810)              (8,007,602)               (113,208)
             Total assets                            22,605,452               22,040,228                 565,224




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



    (Amounts are rounded to the nearest million yen)

                                           FY2005 first quarter                  FY2004                 Increase
                                          (As of June 30, 2004)   (As of March 31, 2004)              (Decrease)
              Liabilities
Current liabilities :                                 7,704,672                7,597,991                 106,681
Short-term borrowings                                 2,204,577                2,189,024                  15,553
Current portion of long-term debt                     1,183,958                1,125,195                  58,763
Accounts payable                                      1,618,389                1,709,344                (90,955)
Other payables                                          665,870                  665,624                     246
Accrued expenses                                      1,238,263                1,133,281                 104,982
Income taxes payable                                    220,448                  252,555                (32,107)
Other current liabilities                               573,167                  522,968                  50,199

Long-term liabilities :                               6,094,753                5,817,377                 277,376
Long-term debt                                        4,489,208                4,247,266                 241,942
Accrued pension and severance costs                     726,359                  725,569                     790
Deferred income taxes                                   794,780                  778,561                  16,219
Other long-term liabilities                              84,406                   65,981                  18,425
           Total liabilities                         13,799,425               13,415,368                 384,057

   Minority interest in consolidated                    456,109                  446,293                   9,816
             subsidiaries

         Shareholders' equity

     Common stock                                       397,050                  397,050                       -
     Additional paid-in capital                         495,886                  495,179                     707
     Retained earnings                                8,529,583                8,326,215                 203,368
     Accumulated other comprehensive loss             (155,026)                (204,592)                  49,566
     Treasury stock, at cost                          (917,575)                (835,285)                (82,290)

      Total shareholders' equity                      8,349,918                8,178,567                 171,351

Total liabilities and shareholders' equity           22,605,452               22,040,228                 565,224




                               SEGMENT INFORMATION
                              

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



1.  Segment Operating Results



(1) FY2005 first quarter (April 2004 through June 2004)

(Amounts are rounded to the nearest million yen)

                                Automotive         Financial        All Other       Intersegment      Consolidated
                                                    Services                          Elimination
Net revenues :

(1)   Sales to external          4,196,549           175,952          137,815                  -         4,510,316
     customers

(2)   Intersegment                   3,273             4,941           67,830          (76,044)                  -
     sales and transfers

         Total                   4,199,822           180,893          205,645          (76,044)         4,510,316

Operating expenses               3,796,020           134,717          204,195          (73,236)         4,061,696
Operating income                   403,802            46,176            1,450           (2,808)           448,620





(2) FY2004 first quarter (April 2003 through June 2003)

(Amounts are rounded to the nearest million yen)

                                Automotive         Financial        All Other       Intersegment      Consolidated
                                                    Services                          Elimination
Net revenues :
(1)   Sales to external          3,795,958           179,193          117,788                 -         4,092,939
     customers
(2)   Intersegment                   2,638             4,876           65,963          (73,477)                  -
     sales and transfers

         Total                   3,798,596           184,069          183,751          (73,477)         4,092,939

Operating expenses               3,464,597           173,407          186,559          (72,396)         3,752,167
Operating income                   333,999            10,662          (2,808)           (1,081)           340,772



2. Geographic Information



(1) FY2005 first quarter (April 2004 through June 2004)

(Amounts are rounded to the nearest million yen)

                                   Japan  North America         Europe   Other Foreign   Intersegment   Consolidated
                                                                            Countries     Elimination
Net revenues :
(1)   Sales to external        1,734,164      1,586,046        555,591        634,515               -      4,510,316
     customers
(2)   Intersegment             1,123,441         40,049         35,462         35,921    (1,234,873)               -
     sales and transfers

          Total                2,857,605      1,626,095        591,053        670,436    (1,234,873)      4,510,316

Operating expenses             2,604,654      1,496,296        560,132        632,705    (1,232,091)      4,061,696
Operating income                 252,951        129,799         30,921         37,731        (2,782)        448,620





(2) FY2004 first quarter (April 2003 through June 2003)

(Amounts are rounded to the nearest million yen)

                                   Japan  North America         Europe   Other Foreign   Intersegment   Consolidated
                                                                            Countries     Elimination
Net revenues :
(1)   Sales to                 1,611,508      1,465,356        503,885        512,190              -       4,092,939
     external customers
(2)   Intersegment             1,102,790         65,475         26,100         36,601    (1,230,966)               -
     sales and transfers

          Total                2,714,298      1,530,831        529,985        548,791    (1,230,966)      4,092,939

Operating expenses             2,462,188      1,466,179        523,787        528,309    (1,228,296)      3,752,167
Operating income                 252,110         64,652          6,198         20,482        (2,670)        340,772




   (All financial information has been prepared in accordance with accounting
                    principles generally accepted in Japan)



UNCONSOLIDATED STATEMENTS OF INCOME

(Million yen; amounts less than one million yen are omitted)

                                             FY2005 first quarter    FY2004 first quarter               Increase
                                              (April 2004 through     (April 2003 through             (Decrease)
                                                       June 2004)              June 2003)
Net sales                                               2,224,897               2,151,390                 73,507

Operating income                                          207,608                 215,555                (7,947)
Ordinary income                                           271,726                 264,501                  7,225
Extraordinary losses                                       24,996                       -                 24,996

Income before income taxes                                246,729                 264,501               (17,772)
Income taxes - current                                     95,100                  95,200                  (100)
Income taxes - deferred                                   (8,868)                 (1,800)                (7,068)
Net income                                                160,497                 171,101               (10,604)






UNCONSOLIDATED BALANCE SHEETS

(Million yen; amounts less than one million yen are omitted)

                                             FY2005 first quarter                 FY2004               Increase
                                             (As of June 30,2004)   (As of March 31,2004)             (Decrease)
                 Assets
Current assets                                          3,309,870               3,358,189               (48,319)
          Cash, deposits and trade                        972,060               1,124,770              (152,710)
          accounts receivable
          Marketable securities                         1,122,869                 995,893                126,976
          Others                                        1,214,941               1,237,524               (22,583)
Fixed assets                                            5,368,080               5,458,975               (90,895)
    Property, plant and equipment                       1,228,027               1,260,728               (32,701)
          Buildings, machinery and                        668,552                 683,993               (15,441)
          equipment
          Others                                          559,474                 576,734               (17,260)
    Investments and other assets                        4,140,052               4,198,247               (58,195)
          Investments in securities                     2,083,560               2,160,160               (76,600)
          Others                                        2,056,492               2,038,087                 18,405
              Total assets                              8,677,950               8,817,164              (139,214)


                                             FY2005 first quarter                 FY2004                Increase
                                             (As of June 30,2004)   (As of March 31,2004)             (Decrease)
               Liabilities
Current liabilities                                     1,841,598               1,970,407              (128,809)
Long-term liabilities                                     849,541                 862,081               (12,540)
Total liabilities                                       2,691,139               2,832,489              (141,350)
          Shareholders' equity
Common stock                                              397,049                 397,049                     -
Capital surplus                                           416,973                 416,970                      3

Retained earnings                                       5,807,930               5,731,342                 76,588
Net unrealized gains on other securities                  312,795                 305,725                  7,070
Less: treasury stock                                    (947,937)               (866,413)               (81,524)
Total shareholders' equity                              5,986,811               5,984,675                  2,136

   Total liabilities and shareholders'  equity          8,677,950               8,817,164              (139,214)
                






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