1st Quarter Results 4/5

Toyota Motor Corporation
03 August 2005



                               FINANCIAL SUMMARY


                              FY2006 First Quarter

                     (April 1, 2005 through June 30, 2005)


        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 FY2006 First Quarter



Financial Results

       Domestic vehicle sales increased by 12 thousand units, or 2.2%, to 550
thousand units in FY2006 first quarter (the three-month period from April 1,
2005 to June 30, 2005) compared with FY2005 first quarter (the three-month
period from April 1, 2004 to June 30, 2004).  This increase is mainly due to the
preferable sales of the new Vitz, which was fully redesigned in February 2005,
under circumstance where the overall market expanded than in FY2005 first
quarter.  As a result, the market share of Toyota brand vehicles excluding
mini-vehicles was 45.0%.  Including Daihatsu and Hino brand vehicles, Toyota's
share including mini-vehicles was 41.1% and therefore, Toyota kept its
high-level market shares.  Meanwhile, overseas vehicle sales increased by 145
thousand units, or 11.6%, to 1,398 thousand units in FY2006 first quarter
compared with FY2005 first quarter, due to increased vehicle units sold in all
regions, particularly in North America.  As a result, total vehicle sales in
Japan and overseas increased by 157 thousand units, or 8.8%, to 1,948 thousand
units in FY2006 first quarter compared with FY2005 first quarter.

       Net revenues increased by 471.4 billion yen, or 10.5%, to 4,981.7 billion
yen in FY2006 first quarter compared with FY2005 first quarter, while operating
income decreased by 43.5 billion yen, or 9.7%, to 405.1 billion yen in FY2006
first quarter compared with FY2005 first quarter.  Among the factors
contributing to the increase in operating income totaling 60.0 billion yen, cost
reduction efforts accounted for 30.0 billion yen and marketing efforts accounted
for 30.0 billion yen.  On the other hand, factors resulting in the decrease in
operating income totaling 103.5 billion yen primarily included the effects of
changes in exchange rates of 10.0 billion yen, a decrease in the gains
recognized on transfer of the substitutional portion of the employee pension
fund to the government of 6.7 billion yen, and an increase in R&D expenses and
other expenses of 86.8 billion yen.  Income before income taxes, minority
interest and equity in earnings of affiliated companies decreased by 48.6
billion yen, or 10.3%, to 421.8 billion yen in FY2006 first quarter compared
with FY2005 first quarter.  Net income decreased by 19.8 billion yen, or 6.9 %,
to 266.8 billion yen in FY2006 first quarter compared with FY2005 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 FY2006 First Quarter by Segment



(1) Segment Operating Results



Automotive:

Net revenues for the automotive operations increased by 420.8 billion yen, or
10.0%, to 4,620.6 billion yen in FY2006 first quarter compared with FY2005 first
quarter, while operating income decreased by 37.0 billion yen, or 9.1%, to 366.8
billion yen in FY2006 first quarter compared with FY2005 first quarter.  The
decrease in operating income was mainly due to an increase in R&D expenses, the
effects of changes in exchange rates, and a decrease in the gains recognized on
transfer of the substitutional portion of the employee pension fund to the
government, partially offset by increases in both production volume and vehicle
units sold and the effects of cost reduction efforts.



Financial services:

Net revenues for the financial services operations increased by 36.5 billion
yen, or 20.2%, to 217.4 billion yen in FY2006 first quarter compared with FY2005
first quarter, while operating income decreased by 6.5 billion yen, or 13.9%, to
39.7 billion yen in FY2006 first quarter compared with FY2005 first quarter.
The decrease in operating income was mainly due to the valuation losses on
interest rate swaps stated at fair value 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, partially offset by solid performance as a result of an
increase in financing volume.



All other:

Net revenues for all other businesses increased by 28.7 billion yen, or 14.0%,
to 234.4 billion yen in FY2006 first quarter compared with FY2005 first quarter,
and operating income was 1.5 billion yen in FY2006 first quarter, remaining the
same level as FY2005 first quarter.



(2) Geographic Information



Japan:

Net revenues in Japan increased by 134.4 billion yen, or 4.7%, to 2,992.0
billion yen in FY2006 first quarter compared with FY2005 first quarter, while
operating income decreased by 64.6 billion yen, or 25.5%, to 188.4 billion yen
in FY2006 first quarter compared with FY2005 first quarter.  The decrease in
operating income was mainly due to an increase in R&D expenses,  the effects of
changes in exchange rates, and a decrease in the gains recognized on transfer of
the substitutional portion of the employee pension fund to the government,
partially offset by increases in both production volume and vehicle units sold
and the effects of cost reduction efforts.



North America:

Net revenues in North America increased by 209.6 billion yen, or 12.9%, to
1,835.7 billion yen in FY2006 first quarter compared with FY2005 first quarter,
and operating income increased by 8.0 billion yen, or 6.2%, to 137.8 billion yen
in FY2006 first quarter compared with FY2005 first quarter.  The increase in
operating income was mainly due to solid performance as a result of increases in
both local production volume and vehicle units sold, as well as cost reduction
efforts, partially offset by the valuation losses on interest rate swaps stated
at fair value by sales financing subsidiaries in the United States of America in
accordance with FAS No.133 as amended by several related pronouncements
including FAS No.138.



Europe:

Net revenues in Europe increased by 82.1 billion yen, or 13.9%, to 673.1 billion
yen in FY2006 first quarter compared with FY2005 first quarter, while operating
income decreased by 14.2 billion yen, or 45.8%, to 16.7 billion yen in FY2006
first quarter compared with FY2005 first quarter.  The decrease in operating
income was mainly due to increases in various expenses, partially offset by
increases in both local production volume and vehicle units sold.



Asia:

Net revenues in Asia increased by 118.8 billion yen, or 30.6%, to 507.1 billion
yen in FY2006 first quarter compared with FY2005 first quarter, and operating
income increased by 15.4 billion yen, or 63.2%, to 39.8 billion yen in FY2006
first quarter compared with FY2005 first quarter.  The increase in operating
income was mainly due to substantial increases in both local production volume
and vehicle units sold as a result of favorable sales of the IMV series
vehicles.



Others:

Net revenues in other markets increased by 81.3 billion yen, or 28.8%, to 363.4
billion yen in FY2006 first quarter compared with FY2005 first quarter, and
operating income increased by 3.7 billion yen, or 27.3%, to 17.0 billion yen in
FY2006 first quarter compared with FY2005 first quarter.  The increase in
operating income was mainly due to increases in both local production volume and
vehicle units sold primarily in Central and South America.



                       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)
                                          FY2006 first quarter     FY2005 first quarter          Increase
                                          (April 2005 through      (April 2004 through          (Decrease)

                                               June 2005)               June 2004)
Vehicles  Japan                                        1,123,328                1,076,607                  46,721
(new)       North America                                319,691                  297,084                  22,607
            Europe                                       157,372                  145,779                  11,593
            Asia                                         204,766                  149,639                  55,127
            Others                                        86,938                   74,893                  12,045
            Overseas total                               768,767                  667,395                 101,372
          Total                                        1,892,095                1,744,002                 148,093
Houses (Japan)                                             1,036                      929                     107

Note:    The total production of vehicles (new) includes 189,286 units of
Daihatsu brand vehicles (including OEM production) in FY2006 first quarter and
174,362 units in FY2005 first quarter, and 23,322 units of Hino brand vehicles
(including OEM production) in FY2006 first quarter and 22,589 units in FY2005
first quarter.





2. Sales (by destination)



                                    (Units)
                                          FY2006 first quarter     FY2005 first quarter          Increase
                                          (April 2005 through      (April 2004 through          (Decrease)
                                               June 2005)               June 2004)
Vehicles  Japan                                          550,347                  538,265                  12,082
(new)       North America                                641,248                  572,046                  69,202
            Europe                                       256,143                  247,816                   8,327
            Asia                                         228,513                  201,714                  26,799
            Others                                       272,605                  232,127                  40,478
            Overseas total                             1,398,509                1,253,703                 144,806
          Total                                        1,948,856                1,791,968                 156,888
Houses (Japan)                                               919                      848                      71

Note:    The total sales of vehicles (new) include 174,116 units of Daihatsu
brand vehicles in FY2006 first quarter and 161,610 units in FY2005 first quarter
and 22,304 units of Hino brand vehicles in FY2006 first quarter and 21,655 units
in FY2005 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)
                                          FY2006 first quarter    FY2005 first quarter          Increase
                                           (April 2005 through     (April 2004 through         (Decrease)
                                               June 2005)              June 2004)

Net revenues :                                         4,981,785               4,510,316                 471,469
Sales of products                                      4,768,971               4,334,364                 434,607
Financing operations                                     212,814                 175,952                  36,862
Costs and expenses :                                   4,576,657               4,061,696                 514,961
Cost of products sold                                  3,878,087               3,463,780                 414,307
Cost of financing operations                             127,985                  84,011                  43,974
Selling, general and administrative                      570,585                 513,905                  56,680
Operating income                                         405,128                 448,620                (43,492)
Other income (expense) :                                  16,732                  21,809                 (5,077)
Interest and dividend income                              24,355                  16,999                   7,356
Interest expense                                         (4,129)                 (3,352)                   (777)
Other income, net                                        (3,494)                   8,162                (11,656)
Income before income taxes, minority                     421,860                 470,429                (48,569)
interest and equity in earnings of
affiliated companies
Provision for income taxes                               174,968                 202,307                (27,339)
Income before minority interest and                      246,892                 268,122                (21,230)
equity in earnings of affiliated
companies
Minority interest in consolidated                       (15,617)                (16,298)                     681
subsidiaries
Equity in earnings of affiliated                          35,624                  34,793                     831
companies
Net income                                               266,899                 286,617                (19,718)





                                                                                                           (Yen)
Net income per share - Basic                               81.80                   86.24                   (4.44)
Net income per share - Diluted                             81.79                   86.22                   (4.43)



                          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)
                                         FY2006 first quarter            FY2005                 Increase
                                         (As of June 30, 2005)   (As of March 31, 2005)        (Decrease)
                Assets
Current assets :                                      9,611,568                9,440,105                 171,463
Cash and cash equivalents                             1,672,492                1,483,753                 188,739
Time deposits                                            58,633                   63,609                 (4,976)
Marketable securities                                   440,153                  543,124               (102,971)
Trade accounts and notes receivable,                  1,427,076                1,616,341               (189,265)
less allowance for doubtful accounts
Finance receivables, net                              3,147,413                3,010,135                 137,278
Other receivables                                       460,490                  438,676                  21,814
Inventories                                           1,386,647                1,306,709                  79,938
Deferred income taxes                                   476,332                  475,764                     568
Prepaid expenses and other current                      542,332                  501,994                  40,338
assets
Noncurrent finance receivables, net                   4,211,376                3,976,941                 234,435
Investments and other assets                          5,256,035                5,122,371                 133,664
Property, plant and equipment :                       6,024,648                5,795,594                 229,054
Land                                                  1,194,004                1,182,768                  11,236
Buildings                                             2,982,221                2,935,274                  46,947
Machinery and equipment                               7,881,611                7,897,509                (15,898)
Vehicles and equipment on operating                   2,013,859                1,828,697                 185,162
leases
Construction in progress                                267,469                  214,781                  52,688
Less - Accumulated depreciation                     (8,314,516)              (8,263,435)                (51,081)
             Total assets                            25,103,627               24,335,011                 768,616



   (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)
                                         FY2006 first quarter            FY2005                 Increase
                                         (As of June 30, 2005)   (As of March 31, 2005)        (Decrease)
              Liabilities
Current liabilities :                                 8,695,138                8,227,206                 467,932
Short-term borrowings                                 2,728,847                2,381,827                 347,020
Current portion of long-term debt                     1,253,859                1,150,920                 102,939
Accounts payable                                      1,771,313                1,856,799                (85,486)
Other payables                                          679,932                  693,041                (13,109)
Accrued expenses                                      1,411,294                1,289,373                 121,921
Income taxes payable                                    219,415                  292,835                (73,420)
Other current liabilities                               630,478                  562,411                  68,067
Long-term liabilities :                               6,727,566                6,557,926                 169,640
Long-term debt                                        5,195,039                5,014,925                 180,114
Accrued pension and severance costs                     645,210                  646,989                 (1,779)
Deferred income taxes                                   822,102                  811,670                  10,432
Other long-term liabilities                              65,215                   84,342                (19,127)
           Total liabilities                         15,422,704               14,785,132                 637,572

   Minority interest in consolidated                    513,323                  504,929                   8,394
             subsidiaries

         Shareholders' equity
Common stock                                            397,050                  397,050                      - 
Additional paid-in capital                              495,689                  495,707                    (18)
Retained earnings                                     9,468,351                9,332,176                 136,175
Accumulated other comprehensive loss                   (32,487)                 (80,660)                  48,173
Treasury stock, at cost                             (1,161,003)              (1,099,323)                (61,680)
      Total shareholders' equity                      9,167,600                9,044,950                 122,650
Total liabilities and shareholders'                  25,103,627               24,335,011                 768,616
equity



                              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) FY2006 first quarter (April 2005 through June 2005)


                                        (Amounts are rounded to the nearest million yen)
                            Automotive         Financial        All Other       Intersegment      Consolidated
                                               Services                          Elimination
Net revenues :

(1)   Sales to external          4,616,974           212,814          151,997               -           4,981,785
customers
(2)   Intersegment                   3,667             4,650           82,415          (90,732)                 -
sales and transfers
         Total                   4,620,641           217,464          234,412          (90,732)         4,981,785
Operating expenses               4,253,750           177,705          232,953          (87,751)         4,576,657
Operating income                   366,891            39,759            1,459           (2,981)           405,128





(2) 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



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



2.  Geographic Information



(1) FY2006 first quarter (April 2005 through June 2005)


                                         (Amounts are rounded to the nearest million yen)
                             Japan       North      Europe       Asia       Others     Intersegment  Consolidated
                                        America                                        Elimination
Net revenues :
(1)   Sales to external     1,747,969   1,791,770     641,724     464,659     335,663              -     4,981,785
customers
(2)   Intersegment          1,244,006      43,945      31,428      42,484      27,763    (1,389,626)             -
sales and transfers
          Total             2,991,975   1,835,715     673,152     507,143     363,426    (1,389,626)     4,981,785
Operating expenses          2,803,622   1,697,893     656,406     467,335     346,437    (1,395,036)     4,576,657
Operating income              188,353     137,822      16,746      39,808      16,989          5,410       405,128





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


                                         (Amounts are rounded to the nearest
million yen)
                             Japan       North      Europe       Asia       Others     Intersegment  Consolidated
                                        America                                        Elimination
Net revenues :
(1)   Sales to external     1,734,164   1,586,046     555,591     376,223     258,292              -     4,510,316
customers
(2)   Intersegment          1,123,441      40,049      35,462      12,127      23,794    (1,234,873)             -
sales and transfers
          Total             2,857,605   1,626,095     591,053     388,350     282,086    (1,234,873)     4,510,316
Operating expenses          2,604,654   1,496,296     560,132     363,960     268,745    (1,232,091)     4,061,696
Operating income              252,951     129,799      30,921      24,390      13,341        (2,782)       448,620




   (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)
                                           FY2006 first quarter    FY2005 first quarter          Increase
                                            (April 2005 through     (April 2004 through         (Decrease)
                                                June 2005)              June 2004)
Net sales                                               2,345,756               2,224,897                120,859

Operating income                                          143,326                 207,608               (64,282)
Ordinary income                                           217,903                 271,726               (53,823)
Extraordinary losses                                            -                  24,996               (24,996)

Income before income taxes                                217,903                 246,729               (28,826)
Income taxes - current                                     79,800                  95,100               (15,300)
Income taxes - deferred                                  (14,647)                 (8,868)                (5,779)
Net income                                                152,750                 160,497                (7,747)






UNCONSOLIDATED BALANCE SHEETS


                                      (Million yen; amounts less than one
million yen are omitted)
                                           FY2006 first quarter           FY2005                 Increase
                                           (As of June 30,2005)    (As of March 31,2005)        (Decrease)
                 Assets
Current assets                                          3,187,261               3,453,441              (266,180)
          Cash, deposits and trade                      1,063,560               1,149,011               (85,451)
          accounts receivable
          Marketable securities                           762,190                 870,735              (108,545)
          Others                                        1,361,510               1,433,694               (72,184)
Fixed assets                                            5,707,511               5,617,550                 89,961
    Property, plant and equipment                       1,250,985               1,258,835                (7,850)
          Buildings, machinery and                        679,500                 685,683                (6,183)
          equipment
          Others                                          571,484                 573,151                (1,667)
    Investments and other assets                        4,456,526               4,358,714                 97,812
          Investments in securities                     1,871,460               1,817,556                 53,904
          Others                                        2,585,065               2,541,158                 43,907
              Total assets                              8,894,773               9,070,991              (176,218)


                                           FY2006 first quarter           FY2005                 Increase
                                           (As of June 30,2005)    (As of March 31,2005)        (Decrease)
               Liabilities
Current liabilities                                     2,030,182               2,180,374              (150,192)
Long-term liabilities                                     829,704                 832,806                (3,102)
Total liabilities                                       2,859,886               3,013,181              (153,295)

          Shareholders' equity
Common stock                                              397,049                 397,049                      -
Capital surplus                                           416,970                 416,970                      -

Retained earnings                                       6,115,877               6,094,528                 21,349
Net unrealized gains on other securities                  297,192                 279,780                 17,412
Less: treasury stock                                  (1,192,203)             (1,130,519)               (61,684)
Total shareholders' equity                              6,034,886               6,057,810               (22,924)

   Total liabilities and shareholders'                  8,894,773               9,070,991              (176,218)
                 equity






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