1st Quarter Results 4/5

Toyota Motor Corporation
03 August 2004

August 3, 2004

                          Highlights of Consolidated Financial Results

                                    for FY2005 First Quarter

                              (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)



                                                              (Billions of yen unless otherwise specified)

                                       FY2004 First Quarter   FY2005 First Quarter                  FY2005 Forecast
                                        (Apr. 2003 through     (Apr. 2004 through
                                           Jun. 2003)             Jun. 2004)                   (Apr. 2004 through Mar.
                                                                                  % of change           2005)
                                                                                  from FY2004
                                                                                   First
                                                                                   Quarter

Vehicle sales                                  1,594                    1,791        12.4%                   7,200
(Thousand units)

Net revenues                                 4,092.9                  4,510.3        10.2%

Operating income                               340.7                    448.6        31.6%
                                <8.3%>                   <9.9%>

Income before income taxes,                    371.2                    470.4        26.7%
minority interest and equity in
earnings of affiliated                        <9.1%>                  <10.4%>
companies


Net income                                     222.5                    286.6        28.8%
                                 <5.4%>                   <6.4%>

Factors contributing to                                  Operating income increased by
increases and decreases in                                     107.9 billion yen
operating income                                    (Increase)
                                                     Marketing efforts               170.0
                                                     Cost reduction efforts           40.0

                                                     (Decrease)
                                                      Effects of changes in         - 70.0
                                                      exchange rates
                                                      Increases in expenses,        - 32.1
                                                      etc.

Exchange rates                       119JPY/USD      110JPY/USD
                                     135JPY/EUR      132JPY/EUR

Capital investment                       180.9       215.5                                              990.0

(excluding leased vehicles)
Depreciation expenses                    180.1       181.2                                              800.0

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 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 affecting Toyota's automotive
operations, particularly laws, regulations and policies relating to
environmental protection, vehicle emissions, vehicle fuel economy and vehicle
safety, as well as changes in laws, regulations and government policies
affecting 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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