3rd Quarter Results4/4

Toyota Motor Corporation
05 February 2004



                               FINANCIAL SUMMARY



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



                              FY2004 Third Quarter

                  (October 1, 2003 through December 31, 2003)



        English translation from the original Japanese-language document


                           TOYOTA MOTOR CORPORATION


           This report contains summarized and condensed financial statements
prepared in accordance with accounting principles generally accepted in the
United States of America.

           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.


                               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 FY2004 Third Quarter



Financial Results

Domestic vehicle sales increased by 9 thousand units, or 1.7%, to 554 thousand
units in FY2004 third quarter (the three-month period from October 1, 2003 to
December 31, 2003) compared with FY2003 third quarter, primarily as a result of
the active introduction of new products that met customer needs and the strong
sales efforts of domestic dealers.  Toyota's market share excluding minivehicles
reached 44.4% in FY2004 third quarter, exceeding 40% as in the previous fiscal
year.  The market share including minivehicles was 40.0% in FY2004 third
quarter.  Meanwhile, overseas vehicle sales increased by 147 thousand units, or
14.7%, to 1,146 thousand units in FY2004 third quarter compared with FY2003
third quarter, mainly due to the introduction of new products that met local
customer needs worldwide.  As a result, total vehicle sales in Japan and
overseas increased by 156 thousand units, or 10.1%, to 1,700 thousand units in
FY2004 third quarter compared with FY2003 third quarter.

Net revenues increased by 333.4 billion yen, or 8.2%, to 4,386.0 billion yen in
FY2004 third quarter compared with FY2003 third quarter, and operating income
increased by 40.4 billion yen, or 11.2%, to 401.6 billion yen in FY2004 third
quarter compared with FY2003 third quarter.  Among the factors contributing to
the increase in operating income of 160.0 billion yen, marketing efforts
accounted for 100.0 billion yen and cost reduction efforts for 60.0 billion yen.

  On the other hand, the factors contributing to the decrease in operating
income of 119.6 billion yen mainly included the effects of changes in exchange
rates of 80.0 billion yen and increases in labor costs and other expenses of
39.6 billion yen.  Income before income taxes, minority interest and equity in
earnings of affiliated companies increased by 129.6 billion yen, or 43.2%, to
429.7 billion yen in FY2004 third quarter compared with FY2003 third quarter.
Net income increased by 107.1 billion yen, or 59.7%, to 286.4 billion yen in
FY2004 third quarter compared with FY2003 third 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 FY2004 Third Quarter by Segment



(1) Segment Operating Results



Automotive:

Net revenues for the automotive operations increased by 304.4 billion yen, or
8.1%, to 4,055.3 billion yen in FY2004 third quarter compared with FY2003 third
quarter, and operating income increased by 10.5 billion yen, or 3.1%, to 347.8
billion yen in FY2004 third quarter compared with FY2003 third quarter.  The
increase in operating income was mainly due to cost reduction efforts made by
TMC and its subsidiaries as well as increases in vehicle units sold in regions
including Europe, North America and Asia, partially offset by increases in labor
costs and other expenses.



Financial services:

Net revenues for the financial services operations decreased by 5.4 billion yen,
or 2.9%, to 180.6 billion yen in FY2004 third quarter compared with FY2003 third
quarter, while operating income increased by 31.9 billion yen, or 155.9%, to
52.3 billion yen in FY2004 third quarter compared with FY2003 third quarter.
The increase in operating income was mainly due to solid performance as a result
of an increase in financing volumes as well as the impact of interest rate swaps
stated at fair value with changes recognized in income held 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.  The valuation gains on interest rate swaps
increased by 7.0 billion yen, to 9.1 billion yen in FY2004 third quarter
compared with FY2003 third quarter.



All other:

Net revenues for all other businesses increased by 33.6 billion yen, or 18.6%,
to 214.7 billion yen in FY2004 third quarter compared with FY2003 third quarter,
and operating income increased by 1.7 billion yen, or 46.5%, to 5.5 billion yen
in FY2004 third quarter compared with FY2003 third quarter.



(2) Geographic Information



Japan:

Net revenues in Japan increased by 98.4 billion yen, or 3.5%, to 2,933.6 billion
yen in FY2004 third quarter compared with FY2003 third quarter, while operating
income decreased by 43.8 billion yen, or 16.2%, to 226.1 billion in FY2004 third
quarter compared with FY2003 third quarter.  The decrease in operating income
was mainly due to the effects of changes in exchange rates and increases in
labor costs and other expenses, partially offset by an increase in vehicle units
sold and steady achievements in cost reduction.



North America:

Net revenues in North America decreased by 20.7 billion yen, or 1.3%, to 1,603.7
billion yen in FY2004 third quarter compared with FY2003 third quarter, while
operating income increased by 46.6 billion yen, or 57.2%, to 128.2 billion yen
in FY2004 third quarter compared with FY2003 third quarter.  The increase in
operating income was due to solid performance primarily attributable to cost
reduction efforts and increases in both local production volume and vehicle
units sold, as well as an increase in valuation gains on interest rate swaps,
recorded by sales financing subsidiaries in the United States of America.



Europe:

Net revenues in Europe increased by 109.3 billion yen, or 27.0%, to 514.3
billion yen in FY2004 third quarter compared with FY2003 third quarter, and
operating income increased by 24.4 billion yen, or 8,767.5%, to 24.7 billion yen
in FY2004 third quarter compared with FY2003 third quarter.  The increase in
operating income was mainly due to increases in local production volumes in the
United Kingdom and France as well as increases in vehicle units sold.



Other Foreign Countries:

Net revenues in other markets increased by 147.1 billion yen, or 33.0%, to 592.5
billion yen in FY2004 third quarter compared with FY2003 third quarter, and
operating income increased by 10.0 billion yen, or 69.4%, to 24.3 billion yen in
FY2004 third quarter compared with FY2003 third quarter.  The increase in
operating income was primarily due to increases in vehicle units sold mainly in
Asia.


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



3. Others



Accounting Treatment regarding Transfer of the Substitutional Portion of the
Employee Pension Fund to the Government



TMC and some of its affiliated companies in Japan applied for exemption from the
payment of benefits related to future employee services with respect to the
substitutional portion of the Employee Pension Fund and obtained approval from
the Minister of Health, Labour, and Welfare from FY2003 onwards.  In FY2004 and
thereafter, it is expected that these companies will apply for approval for the
separation of the remaining benefit obligation of the substitutional portion
which relates to past employee services.  Once approval has been obtained, the
plan assets required to be transferred to the government pursuant to the
government formula will be then transferred.  TMC completed the transfer of the
plan assets relating to the substitutional portion in January 2004.

Under the accounting principles generally accepted in the United States of
America, the gains or losses on the transfer of the plan assets relating to the
substitutional portion will be recognized in entirety in the consolidated
results upon completion of the transfer.






                       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)
                                            FY2004 third quarter     FY2003 third quarter                Increase
                                           (October 2003 through    (October 2002 through               (Decrease)
                                                  December 2003)           December 2002)
Vehicles  Japan                                        1,099,603                1,074,902                  24,701
(new)       North America                                259,719                  215,180                  44,539
            Europe                                       136,960                  105,974                  30,986
            Others                                       175,856                  119,077                  56,779
            Overseas total                               572,535                  440,231                 132,304
          Total                                        1,672,138                1,515,133                 157,005
Houses (Japan)                                             1,256                      945                     311

Note:   The total production of vehicles (new) includes 168,805 units of
Daihatsu brand vehicles (including OEM production) in FY2004 third quarter, and
152,310 units in FY2003 third quarter, and 20,957 units of Hino brand vehicles
(including OEM production) in FY2004 third quarter, and 12,349 units in FY2003
third quarter.



2. Sales (by destination)



   (Units)
                                            FY2004 third quarter     FY2003 third quarter                Increase
                                           (October 2003 through    (October 2002 through               (Decrease)
                                                   December 2003)           December 2002)
Vehicles  Japan                                          553,867                  544,807                   9,060
(new)       North America                                561,628                  533,378                  28,250
            Europe                                       218,029                  169,799                  48,230
            Others                                       366,846                  296,312                  70,534
            Overseas total                             1,146,503                  999,489                 147,014
          Total                                        1,700,370                1,544,296                 156,074
Houses (Japan)                                             1,442                      845                     597

Note:   The total sales of vehicles (new) includes 145,181 units of Daihatsu
brand vehicles in FY2004 third quarter, and 121,532 units in FY2003 third
quarter, and 19,897 units of Hino brand vehicles in FY2004 third quarter, and
13,376 units in FY2003 third 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.)
                                            FY2004 third quarter    FY2003 third quarter                Increase
                                           (October 2003 through   (October 2002 through               (Decrease)
                                                   December 2003)          December 2002)

Net revenues :                                         4,386,059               4,052,610                 333,449
          Sales of products                            4,210,510               3,869,360                 341,150
          Financing operations                           175,549                 183,250                 (7,701)
Costs and expenses :                                   3,984,366               3,691,378                 292,988
          Cost of products sold                        3,387,726               3,113,532                 274,194
          Cost of financing operations                    74,590                  99,925                (25,335)
          Selling, general and                           522,050                 477,921                  44,129
          administrative
Operating income                                         401,693                 361,232                  40,461
Other income (expense) :                                  28,012                (61,103)                  89,115
          Interest and dividend income                    13,020                  10,647                   2,373
          Interest expense                               (4,209)                 (6,528)                   2,319
          Other income (loss), net                        19,201                (65,222)                  84,423
Income before income taxes, minority                     429,705                 300,129                 129,576
interest and equity in earnings of
affiliated companies

Provision for income taxes                               166,777                 142,159                  24,618

Income before minority interest and                      262,928                 157,970                 104,958
equity in earnings of affiliated
companies

Minority interest in consolidated                       (14,635)                   2,744                (17,379)
subsidiaries

Equity in earnings of affiliated                          38,177                  18,650                  19,527
companies

Net income                                               286,470                 179,364                 107,106





                                         (Yen)
Net income per share - basic                               84.83                   50.74                   34.09
Net income per share - diluted                             84.82                   50.74                   34.08









                          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.)

                                             FY2004 third quarter                  FY2003               Increase
                                               (As of December 31,  (As of March 31, 2003)             (Decrease)
                                                             2003)
                 Assets
Current assets :                                        8,291,815               8,622,233              (330,418)
     Cash and cash equivalents                          1,231,869               1,592,028              (360,159)
     Time deposits                                         74,767                  55,406                 19,361
     Marketable securities                                567,007                 605,483               (38,476)
     Trade accounts and notes                           1,313,066               1,475,797              (162,731)
     receivable, less allowance for doubtful
     accounts

     Finance receivables, net                           2,546,291               2,505,140                 41,151
     Other receivables                                    489,486                 513,952               (24,466)
     Inventories                                        1,070,562               1,025,838                 44,724
     Deferred income taxes                                411,572                 385,148                 26,424
     Prepaid expenses and other current                   587,195                 463,441                123,754
     assets
Noncurrent finance receivables, net                     3,074,883               2,569,808                505,075
Investments and other assets                            4,417,277               3,757,054                660,223
Property, plant and equipment :                         5,302,239               5,203,879                 98,360
     Land                                               1,131,092               1,064,125                 66,967
     Buildings                                          2,780,941               2,521,208                259,733
     Machinery and equipment                            7,602,630               7,089,592                513,038
     Vehicles and equipment on operating                1,503,792               1,601,060               (97,268)
     leases
     Construction in progress                             212,702                 211,584                  1,118
     Less - Accumulated                               (7,928,918)             (7,283,690)              (645,228)
     depreciation
              Total assets                             21,086,214              20,152,974                933,240





   (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.)
                                             FY2004 third quarter                  FY2003               Increase
                                               (As of December 31,  (As of March 31, 2003)             (Decrease)
                                                            2003)
              Liabilities
Current liabilities :                                   7,275,225               7,053,936                221,289
     Short-term borrowings                              2,267,995               1,855,648                412,347
     Current portion of long-term debt                  1,147,370               1,263,017              (115,647)
     Accounts payable                                   1,465,097               1,531,552               (66,455)
     Other payables                                       692,196                 618,748                 73,448
     Accrued expenses                                   1,018,096               1,063,496               (45,400)
     Income taxes payable                                 202,290                 300,718               (98,428)
     Other current liabilities                            482,181                 420,757                 61,424
Long-term liabilities :                                 5,726,796               5,662,572                 64,224
     Long-term debt                                     4,148,923               4,137,528                 11,395
     Accrued pension and severance costs                1,074,375               1,052,687                 21,688
     Deferred income taxes                                436,462                 371,004                 65,458
     Other long-term liabilities                           67,036                 101,353               (34,317)
           Total liabilities                           13,002,021              12,716,508                285,513

   Minority interest in consolidated                      445,957                 315,466                130,491
              subsidiaries

          Shareholders' equity
     Common stock                                         397,050                 397,050                      - 
     Additional paid-in capital                           495,138                 493,790                  1,348
     Retained earnings                                  7,975,046               7,301,795                673,251
     Accumulated other comprehensive                    (498,672)               (604,272)                105,600
     loss
     Treasury stock, at cost                            (730,326)               (467,363)              (262,963)
         Total shareholders' equity                     7,638,236               7,121,000                517,236
Total liabilities and shareholders'                    21,086,214              20,152,974                933,240
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) FY2004 third quarter (October 2003 through December 2003)


                                       (Amounts are rounded to the nearest million yen.)

                                Automotive         Financial        All Other      Intersegment      Consolidated
                                                    Services                        Elimination
Net revenues :
(1)   Sales to external          4,053,213           175,549          157,297                -         4,386,059
      customers
(2)   Intersegment sales             2,137             5,016           57,404          (64,557)                - 
      and transfers
         Total                   4,055,350           180,565          214,701          (64,557)         4,386,059
Operating expenses               3,707,551           128,270          209,111          (60,566)         3,984,366
Operating income                   347,799            52,295            5,590           (3,991)           401,693





(2) FY2003 third quarter (October 2002 through December 2002)


                                       (Amounts are rounded to the nearest million yen.)
                                Automotive         Financial        All Other      Intersegment      Consolidated
                                                    Services                        Elimination
Net revenues :
(1)   Sales to external          3,747,809           183,250          121,551                 -         4,052,610
      customers
(2)   Intersegment sales             3,105             2,753           59,507          (65,365)                 -
      and transfers
         Total                   3,750,914           186,003          181,058          (65,365)         4,052,610
Operating expenses               3,413,592           165,567          177,241          (65,022)         3,691,378
Operating income                   337,322            20,436            3,817             (343)           361,232

Note:   Operating incomes by operating segment in FY2003 third quarter under the
Japanese accounting standards are 352,022 million yen for automotive, 24,327
million yen for financial services and 4,807 million yen for all other.



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



2.  Geographic Information



(1) FY2004 third quarter (October 2003 through December 2003)


                                        (Amounts are rounded to the nearest million yen.)
                                Japan  North America         Europe   Other Foreign    Intersegment   Consolidated
                                                                          Countries     Elimination
Net revenues :
(1)   Sales to              1,797,144      1,569,593        468,063         551,259               -      4,386,059
      external customers
(2)   Intersegment          1,136,497         34,064         46,262          41,266     (1,258,089)              -
      sales and transfers
        Total               2,933,641      1,603,657        514,325         592,525     (1,258,089)      4,386,059
Operating expenses          2,707,513      1,475,445        489,673         568,153     (1,256,418)      3,984,366
Operating income              226,128        128,212         24,652          24,372         (1,671)        401,693





(2) FY2003 third quarter (October 2002 through December 2002)


                                        (Amounts are rounded to the nearest million yen.)
                                Japan  North America         Europe   Other Foreign   Intersegment    Consolidated
                                                                          Countries    Elimination
Net revenues :
(1)   Sales to              1,706,872      1,548,344        385,951         411,443              -      4,052,610
      external customers
(2)   Intersegment          1,128,350         76,073         19,054          33,993     (1,257,470)             - 
      sales and transfers
        Total               2,835,222      1,624,417        405,005         445,436     (1,257,470)      4,052,610
Operating expenses          2,565,340      1,542,847        404,727         431,050     (1,252,586)      3,691,378
Operating income              269,882         81,570            278          14,386         (4,884)        361,232

Note:   Operating incomes by geographic region in FY2003 third quarter under the
Japanese accounting standards are 277,485 million yen for Japan, 89,173 million
yen for North America, 246 million yen for Europe and 16,333 million yen for
other foreign countries.













   (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.)

                                            FY2004 third quarter    FY2003 third quarter                Increase
                                           (October 2003 through   (October 2002 through              (Decrease)
                                                  December 2003)          December 2002)

Net sales                                              2,292,065               2,302,043                 (9,978)
Operating income                                         176,812                 236,609                (59,797)
Ordinary income                                          212,558                 261,805                (49,247)
Income before income taxes                               212,558                 261,805                (49,247)
Income taxes -  current                                   87,600                 112,500                (24,900)
Income taxes -  deferred                                (11,200)                 (4,400)                 (6,800)
Net income                                               136,158                 153,705                (17,547)






                             UNCONSOLIDATED BALANCE SHEETS


                                                (Million yen; amounts less than one million yen are omitted.)

                                             FY2004 third quarter                  FY2003                Increase
                                         (As of December 31,2003)    (As of March 31,2003)              (Decrease)
                 Assets
Current assets                                          2,892,098               3,620,881               (728,783)
          Cash, deposits and trade                        971,004               1,033,270                (62,266)
          accounts receivable
          Marketable securities                           745,993               1,373,742               (627,749)
          Others                                        1,175,099               1,213,869                (38,770)
Fixed assets                                            5,548,090               4,971,941                 576,149
    Property, plant and equipment                       1,248,587               1,269,042                (20,455)
          Buildings, machinery and                        680,791                 677,800                   2,991
          equipment
          Others                                          567,796                 591,241                (23,445)
Investments and other assets                            4,299,503               3,702,899                 596,604
          Investments in securities                     2,183,705               1,720,649                 463,056
          Others                                        2,115,797               1,982,249                 133,548
              Total assets                              8,440,188               8,592,823               (152,635)


                                             FY2004 third quarter                  FY2003                Increase
                                         (As of December 31,2003)    (As of March 31,2003)              (Decrease)
              Liabilities
Current liabilities                                     1,650,541               2,040,821               (390,280)
Long-term liabilities                                     843,284                 848,679                 (5,395)
Total liabilities                                       2,493,825               2,889,501               (395,676)
          Shareholders' equity
Common stock                                              397,049                 397,049                      - 
Capital surplus                                           416,970                 416,970                      -

Retained earnings                                       5,624,083               5,287,601                 336,482
Net unrealized gains on other securities                  269,712                  69,019                 200,693
Less: treasury stock                                    (761,453)               (467,320)               (294,133)
Total shareholders' equity                              5,946,362               5,703,321                 243,041

  Total liabilities and shareholders' equity            8,440,188               8,592,823               (152,635)
                 






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