1st Quarter Results 3/6

Toyota Motor Corporation
04 August 2006


                                                                  August 4, 2006

                    Highlights of Consolidated Financial Results
                            for FY2007 First Quarter
                     (April 1, 2006 through June 30, 2006)

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

                                       (Billion yen, unless otherwise specified)

                               FY2006 first      FY2007 first                 FY2007 forecast            FY2007 initial
                                  quarter           quarter                      (Apr. 2006                 forecast
                                (Apr. 2005        (Apr. 2006                      through                  (Apr. 2006
                                  through           through                      Mar. 2007)                  through
                                Jun. 2005)        Jun. 2006)     % of change                     % of
                                                                 from FY2006                    change     Mar. 2007)
                                                                    first                        from
                                                                   quarter                      FY2006

Vehicle sales                       1,948             2,091         7.3%            8,450      6.0%           8,450
(Thousand units)
Net revenues                      4,981.7           5,638.1        13.2%         22,300.0      6.0%        22,300.0
Operating income                    405.1             512.4        26.5%          1,900.0      1.2%         1,900.0
                     <8.1%>            <9.1%>                        <8.5%>
Income before income                421.8             554.6        31.5%          1,970.0     -5.6%         1,970.0
taxes, minority
interest and equity in             <8.5%>            <9.8%>                        <8.8%>
earnings of affiliated
companies

Net income                          266.8             371.5        39.2%          1,310.0     -4.5%         1,310.0
                     <5.4%>            <6.6%>                        <5.9%>
Factors contributing to                   Operating income increased by
increases and decreases                          107.3 billion yen
in operating income                       (Increase)
                                          Effects of changes
                                          in exchange rates        100.0
                                          Marketing efforts         60.0
                                          Cost reduction            20.0
                                          efforts

                                          (Decrease)               -72.7
                                          Increases in expenses

Exchange rates               JPY108/US$        JPY115/US$                     JPY110/US$                 JPY110/US$
                             JPY135/Euro       JPY144/Euro                    JPY135/Euro                JPY135/Euro
Capital expenditure                 265.3             325.8                       1,550.0               1,550.0
(excluding leased
assets)
Depreciation expenses               190.7             225.9                        930.0                  930.0
Performance evaluation                    Increases in net revenues,
                                          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.


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