3rd Quarter Results 3/4

Toyota Motor Corporation
05 February 2004

              FY2004 Third Quarter Consolidated Financial Results
                  (October 1, 2003 through December 31, 2003)
   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)
        English translation from the original Japanese-language document



                                                                February 5, 2004
Company name                                    : Toyota Motor Corporation
Stock exchanges on which the shares are listed  : Tokyo, Nagoya, Osaka, Fukuoka and Sapporo
                                                  Stock Exchanges in Japan
Code number                                     : 7203
Location of the head office                     : Aichi Prefecture
URL                                             : http://www.toyota.co.jp
Representative                                  : Fujio Cho, President
Contact person                                  : Takahiko Ijichi, General Manager, Accounting Division
                                                  Tel. [phone]
Whether or not to be prepared in accordance     : Yes
with accounting principles generally accepted
in the United States of America



Results of FY2004 third quarter (October 1, 2003 through December 31, 2003)

(1) Consolidated financial results                    (Amounts are rounded to the nearest million yen.)

                                   Net revenues                Operating income    Income before income taxes,
                                                                                   minority interest and equity in
                                                                                   earnings of affiliated companies

                           Million yen              %    Million yen             %      Million yen               %
FY2004 third quarter         4,386,059          <8.2>        401,693        <11.2>          429,705          <43.2>
FY2003 third quarter         4,052,610                       361,232                        300,129
FY2003                      15,501,553                     1,271,646                      1,226,652


                                    Net income                 Net income per share           Net income per share
                                                                 - basic                       - diluted
                           Million yen              %                           Yen                             Yen
FY2004 third quarter           286,470         <59.7>                         84.83                           84.82
FY2003 third quarter           179,364                                        50.74                           50.74
FY2003                         750,942                                       211.32                          211.32

Note:   Regarding net revenues, operating income, income before income taxes,
minority interest and equity in earnings of affiliated companies and net income,
the figures in parentheses show percentage of changes from the corresponding
period of the preceding year.



(2) Consolidated financial position
                                Total assets   Shareholders' equity         Ratio of         Shareholders' equity
                                                                     shareholders' equity         per share

                                 Million yen            Million yen                      %                     Yen
FY2004 third quarter              21,086,214              7,638,236                   36.2                2,274.19
FY2003                            20,152,974              7,121,000                   35.3                2,063.43



Note:  Effective from FY2004, Toyota prepares its consolidated financial
statements in accordance with accounting principles generally accepted in the
United States of America.  The consolidated financial statements for FY2003
third quarter and FY2003 stated herein have also been prepared in accordance
with accounting principles generally accepted in the United States of America.



Supplement
                                                                February 5, 2004
                                                        Toyota Motor Corporation

                       Financial Results for Nine Months
                   (April 1, 2003 through December 31, 2003)


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.)

                                              Nine months ended      Nine months ended      Increase        % of
                                              December 31, 2003      December 31, 2002     (Decrease)      change

                                                    Million yen            Million yen   Million yen
Net revenues                                         12,610,300             11,666,032       944,268          8.1
Operating income                                      1,169,462              1,046,255       123,207         11.8
Income before income taxes, minority                  1,241,719              1,014,590       227,129         22.4
interest and equity in earnings of
affiliated companies
Net income                                              810,929                605,165       205,764         34.0




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


                                                              (Amounts less than one million yen are omitted.)
                                              Nine months ended    Nine months ended     Increase           % of
                                              December 31, 2003    December 31, 2002    (Decrease)        change

                                                    Million yen          Million yen   Million yen
Net sales                                             6,594,239            6,506,820        87,419           1.3
Operating income                                        635,996              707,948      (71,952)        (10.2)
Ordinary income                                         723,147              743,555      (20,408)         (2.7)
Income before income taxes                              723,147              906,013     (182,866)        (20.2)
Net income                                              474,210              535,924      (61,714)        (11.5)


Supplement

                                                                February 5, 2004
                                                        Toyota Motor Corporation

Comparison of Consolidated Financial Results for FY2003 Third Quarter
                  under Japanese and U.S. Accounting Standards

FY2003 third quarter (October 1, 2002 - December 31, 2002)                   (Billions of yen)
                                Differences                                  
                                                                                             
                                 (1)             (2)           (3)              (4)          Other      U.S.
                                                                                                     standards
  Category         Japanese     Scope of      Reporting       Gains on       Impairment
                   standards  consolidation   category    transfer of the       on
                                             of equity in  substitutional    marketable
                                             earnings of   portion of the    securities
                                             affiliated      employee
                                              companies     pension fund

Net revenues        4,186.7    (99.3)              -             -                -          (34.8)    4,052.6

Income before       380.6      (13.9)         (16.6)           (10.4)          (32.9)         (6.7)      300.1
income taxes,
minority interest
(and equity in
earnings of
affiliated
companies*)

*    Indicates the comparison between 'Income before income taxes and minority
interest in consolidated subsidiaries' under Japanese GAAP and 'Income before
income taxes, minority interest and equity in earnings of affiliated companies'
under U.S. GAAP.



(1)   Scope of Consolidation
The consolidation scope under the U.S. standards is determined based on the
ownership of voting shares (more than 50%).  Therefore, those companies that are
consolidated according to the control basis under the Japanese standards are
excluded from the scope of consolidation.

(2)   Reporting Category of Equity in Earnings of Affiliated Companies
'Equity in earnings of affiliated companies' reported as non-operating income
under the Japanese standards is not included in 'income before income taxes,
minority interest and equity in earnings of affiliated companies' under the U.S.
standards, therefore the figure for this item has been reclassified.

(3)   Gains on Transfer of the Substitutional Portion of the Employee Pension
Fund
Under the U.S. standards, gains or losses on transfer of the substitutional
portion of the employee pension fund are recognized at the time of the actual
transfer, therefore 'gains on transfer of the substitutional portion of the
employee pension fund,' recognized under the Japanese standards, is not
recognized.

(4)   Impairment on Marketable Securities
Losses from impairment on certain marketable securities whose acquisition costs
under the U.S. standards exceed those under the Japanese standards are
recognized.


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