Final Results 2/6

Toyota Motor Corporation
10 May 2005

May 10, 2005

                     Highlights of Consolidated Financial Results
                                    for FY2005

                     (April 1, 2004 through March 31, 2005)

   (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)

                                             FY2004                 FY2005                           FY2006 Forecast
                                       (Apr. 2003 through     (Apr. 2004 through
                                           Mar. 2004)             Mar. 2005)                       (Apr. 2005 through
                                                                                  % of change        Mar. 2006)
                                                                                  from FY2004

Vehicle sales                                  6,719                    7,408        10.3%                   7,850

(Thousand units)
Net revenues                                17,294.7                 18,551.5         7.3%
Operating income                             1,666.8                  1,672.1         0.3%

                                <9.6%>                   <9.0%>
Income before income taxes,                  1,765.7                  1,754.6        -0.6%
minority interest and equity in
earnings of affiliated                       <10.2%>                   <9.5%>
companies


Net income                                   1,162.0                  1,171.2         0.8%

                                <6.7%>                   <6.3%>

Factors contributing to                                  Operating income increased by
increases and decreases in
operating income                                                5.3 billion yen
                                                     (Increase)

                                                     Marketing efforts               230.0

                                                     Cost reduction efforts          160.0

                                                     (Decrease)

                                                     Effects of changes in          -140.0

                                                     exchange rates

                                                     Decrease in the gains           -59.8
                                                     recognized on transfer of
                                                     the substitutional portion
                                                     of the employee pension fund
                                                     to the Government

                                                     Increases in R&D expenses,
                                                     etc.                           -184.9


Capital investment                             957.7 1,087.2                                               1,250.0

(excluding leased vehicles)
Depreciation expenses                          788.1 775.8                                                   830.0
R&D expenses                                   682.2 755.1                                                   770.0
Performance evaluation                                Increases in revenues
                                                      and operating income

                                                      Revenues, operating income and
                                                     net income all reached historic
                                                     highs.

Number of employees                          264,410 265,753

Note: Toyota prepares its consolidated financial statements 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 and
market demand 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, the
Australian dollar 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 in the markets in which Toyota operates that affect Toyota's
automotive operations, particularly laws, regulations and policies relating to
trade, environmental protection, vehicle emissions, vehicle fuel economy and
vehicle safety, as well as changes in laws, regulations and government policies
that affect 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
Toyota's annual report on Form 20-F, which is on file with the United States
Securities and Exchange Commission.


May 10, 2005

Highlights of Unconsolidated Financial

Results for FY2005

                     (April 1, 2004 through March 31, 2005)

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



                                       (Billion yen, unless otherwise specified)
                            FY2004                    FY2005                          FY2006 Forecast
                          (Apr. 2003       (Apr.2004 through Mar. 2005)        (Apr.2005 through Mar. 2006)
                            through         FY2005                             FY2006
                          Mar. 2004)     semi-annual                        semi-annual
                                          (Apr. 2004                         (Apr. 2005
                                         through Sep.                       through Sep.
                                            2004)                              2005)
                                                                      % of                                % of
                                                                     change                              change
                                                                     from                                 from
                                                                     FY2004                              FY2005

Domestic vehicle                  3,557          1,802      3,749      5.4%        1,800       3,770       0.6%
production
(Thousand units)
Overseas vehicle                  2,740          1,511      3,127     14.1%        1,800       3,610      15.4%
production
(Thousand units)
Domestic vehicle sales            1,765            838      1,805      2.3%          820       1,830       1.4%
(Thousand units)
Exports                           1,860            967      1,982      6.6%        1,000       1,990       0.4%
(Thousand units)
Houses                            4,038          1,981      4,392      8.8%        2,100       4,500       2.5%
(Units)
Net sales                       8,963.7        4,459.7    9,218.3      2.8%      4,500.0     9,400.0       2.0%
Domestic                        3,593.1        1,723.0    3,654.9      1.7%
Export                          5,370.5        2,736.7    5,563.4      3.6%
Operating income                  833.7          392.3      701.3   - 15.9%        290.0       620.0    - 11.6%
                   <9.3%>         <8.8%>     <7.6%>                 <6.4%>      <6.6%>
Ordinary income                   915.7          442.3      856.2    - 6.5%        330.0       770.0    - 10.1%
                  <10.2%>         <9.9%>     <9.3%>                 <7.3%>      <8.2%>
Income before income              892.4          417.3      831.2    - 6.9%        330.0       770.0     - 7.4%
taxes
                  <10.0%>         <9.4%>     <9.0%>                 <7.3%>      <8.2%>
Net income                        581.4          263.7      529.3    - 9.0%        220.0       500.0     - 5.5%
                   <6.5%>         <5.9%>     <5.7%>                 <4.9%>      <5.3%>

Factors contributing to                 Operating income decreased by       Operating income is expected to
                                                                            decrease by 81.3 billion yen.
increases and                           132.4 billion yen.
                                        (Decrease)                          (Decrease)
decreases in
                                        Effects of changes in       - 120.0 Effects of changes in        - 80.0
operating income
                                        exchange rates                      exchange rates

                                        Increases in R&D            - 162.4 Increases in R&D             - 81.3

                                        expenses, etc.                      expenses, etc.

                                        (Increase)                          (Increase)

                                        Cost reduction efforts         90.0 Cost reduction efforts         70.0

                                        Marketing efforts              60.0 Marketing efforts              10.0

Exchange rates            JPY113/US$      JPY110/US$        JPY108/US$        JPY105/US$        JPY105/US$
                          JPY133/Euro    JPY133/Euro       JPY135/Euro       JPY135/Euro       JPY135/Euro

Capital investment                266.4          115.7     290.7                     150.0        330.0
Depreciation expenses             244.3          121.9     241.3                     130.0        260.0
R&D expenses                      591.2          302.1     657.9                     310.0        680.0
Interest-bearing debt             500.6          500.6     500.6
Performance evaluation                                  Increases in sales
                                                               and
                                                           decreases in
                                                            operating
                                                              income
                                                         sales reached a
                                                          historic high.

Number of employees              65,346         64,408        64,237


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 and
market demand 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, the
Australian dollar 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 in the markets in which Toyota operates that affect Toyota's
automotive operations, particularly laws, regulations and policies relating to
trade, environmental protection, vehicle emissions, vehicle fuel economy and
vehicle safety, as well as changes in laws, regulations and government policies
that affect 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
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       R FBLFFEEBXBBF