Final Results 10

Toyota Motor Corporation
11 May 2004

May 11, 2004

Highlights of Consolidated Financial Results
for FY2004

                     (April 1, 2003 through March 31, 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)

                                             FY2003                    FY2004                      FY2005 Forecast
                                 (Apr. 2002 through        (Apr. 2003 through   % of change     (Apr. 2004 through      
                                          Mar. 2003)               Mar. 2004)   from FY2003             Mar. 2005)      
            
Vehicle sales                                  6,113                    6,719         9.9%                   7,020

(Thousand units)
Net revenues                                15,501.5                 17,294.7        11.6%
Operating income                             1,271.6                  1,666.8        31.1%

                                <8.2%>                   <9.6%>
Income before income taxes,                  1,226.6                  1,765.7        44.0%
minority interest and equity in
earnings of affiliated                        <7.9%>                  <10.2%>
companies


Net income                                     750.9                  1,162.0        54.8%

                                <4.8%>                   <6.7%>
Factors contributing to                                  Operating income increased by
increases and decreases in                                     395.2 billion yen
operating income                                              
                                                     (Increase)

                                                     Marketing efforts               320.0

                                                     Cost reduction efforts          230.0

                                                     Transfer of the                 107.0
                                                     substitutional

                                                     portion of the employee
                                                     pension fund to the
                                                     Government



                                                     (Decrease)

                                                     Effects of changes in
                                                     exchange rates                 -140.0

                                                     Increases in labor costs and
                                                     other expenses, etc.          - 121.8


Capital investment                             999.0                 957.7                                   990.0

(excluding leased vehicles)
Depreciation expenses                          684.1                 788.1                                   800.0
R&D expenses                                   668.4                 682.2                                   680.0
Performance evaluation                                Increases in revenues
                                                      and operating income

                                                      Increases in revenues, operating
                                                     income, income before income taxes,
                                                     minority interest and equity in
                                                     earnings of affiliated companies and
                                                     net income all reached historic
                                                     highs.

Number of employees                          232,928 264,410

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
results have also been prepared 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 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 in the markets in which Toyota operates, particularly laws,
regulations and policies relating to trade restrictions, 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.




                      This information is provided by RNS
            The company news service from the London Stock Exchange