3rd Quarter Results 2/5

Toyota Motor Corporation
05 February 2003


February 5, 2003

                             Highlights of Consolidated Financial

                              Results for FY2003 Third Quarter

                           (Three months ended December 31, 2002)

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

                                    (Billions of yen unless otherwise specified)

                                  FY2002 Third Quarter    FY2003 Third Quarter                FY2003 Forecast
                                   (Oct. 2001 through      (Oct. 2002 through                (Apr. 2002 through
                                       Dec. 2001)              Dec. 2002)                        Mar. 2003)
                                                                                % of change      
                                                                                from FY2002
                                                                                   third
                                                                                  quarter

Vehicle sales                                      136                    157       15.9%        622
(ten thousand units)

Net sales                                      3,697.8                4,186.7       13.2%

Operating income                                 307.7                  379.4       23.3%
                                  <8.3%>                 <9.1%>

Ordinary income                                  232.8                  370.2       59.0%
                                  <6.3%>                 <8.8%>

Income before income taxes and                   232.8                  380.6       63.5%
minority interest in                            
consolidated subsidiaries                         
                                  <6.3%>                 <9.1%>

Net income                                       111.4                  216.0       93.9%
                                  <3.0%>                 <5.2%>

Factors contributing to                                  Operating income increased by 71.7
increases and decreases in                               billion yen
operating income
                                                         (Increase)

                                                         Cost reduction efforts       70.0

                                                         Marketing efforts            60.0

                                                         Effects of changes in        20.0
                                                         exchange rates

                                                         (Decrease)

                                                         Increases in
                                                         depreciation expenses
                                                         and labor costs, etc.       -78.3

Exchange rates                                JPY124/US$             JPY123/US$
                                             JPY111/Euro             JPY123/Euro

Capital investment                             208.4                   198.4                   980.0
(excluding leased vehicles)

Depreciation expenses                          162.2                   188.4                   710.0

Performance evaluation                                   Increases in sales and
                                                         ordinary income

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 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 the 'Operating and Financial
Review and Prospects' and 'Information on the Company' sections and elsewhere 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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