Financial Results

Toyota Motor Corporation
01 November 2004

               FY2005 Semi-Annual Consolidated Financial Results
                   (April 1, 2004 through September 30, 2004)

   (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



                                                                November 1, 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                                  : Masaki Nakatsugawa, General Manager, Accounting Division
                                                  Tel. [phone]
Date of the meeting of the Board of Directors   : Monday, November 1, 2004
for FY2005 semi-annual financial results
Whether or not to be prepared in accordance     : Yes
with accounting principles generally accepted
in the United States of America



Results of FY2005 Semi-Annual (April 1, 2004 through September 30, 2004)



(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               %
FY2005 semi-annual          9,025,665          <9.7>         866,249         <12.8>          913,215          <12.5>
FY2004 semi-annual          8,224,241          <8.0>         767,769         <12.1>          812,013          <13.7>
FY2004                     17,294,760                      1,666,890                       1,765,793


                                 Net income               Net income per share           Net income per share
                                                                 - basic                       - diluted

                           Million yen              %                           Yen                             Yen
FY2005 semi-annual             584,038         <11.4>                        176.32                          176.28
FY2004 semi-annual             524,460         <23.2>                        153.36                          153.35
FY2004                       1,162,098                                       342.90                          342.86

Note 1:  Equity in earnings of affiliated companies: FY2005 semi-annual  58,813
million yen, FY2004 semi-annual  40,993 million yen, FY2004  120,295 million
yen.

Note 2:  Average number of shares issued and outstanding in each period
(consolidated): FY2005 semi-annual  3,312,441,907 shares, FY2004 semi-annual
3,419,900,609 shares, FY2004  3,389,074,481 shares.

Note 3:  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
FY2005 semi-annual                23,310,194              8,542,076                   36.6                2,602.72
FY2004 semi-annual                20,777,120              7,572,474                   36.4                2,228.52
FY2004                            22,040,228              8,178,567                   37.1                2,456.08

Note:  Number of shares issued and outstanding at the end of each period
(consolidated): FY2005 semi-annual  3,281,975,074 shares, FY2004 semi-annual
3,397,982,312 shares, FY2004  3,329,921,097 shares.



(3) Consolidated cash flows

                             From operating         From investing         From financing          Cash and cash
                               activities             activities             activities       equivalents at the end
                                                                                                   of the period

                                 Million yen            Million yen            Million yen             Million yen
FY2005 semi-annual                 1,367,973            (1,760,291)                151,569               1,528,243
FY2004 semi-annual                 1,112,924            (1,472,104)                 48,399               1,243,211
FY2004                             2,283,023            (2,312,784)                242,223               1,729,776





               FY2005 Semi-Annual Consolidated Financial Results
                   (April 1, 2004 through September 30, 2004)

   (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



(4) Scope of consolidation and equity method


Number of consolidated subsidiaries                            540 companies
Number of affiliated companies                                 226 companies
Number of affiliated companies                                  56 companies
accounted for under the equity method



(5) Changes in scope of consolidation and equity method


Consolidated subsidiaries

   (increase)                    8 companies     Toyota Norge AS, Guangqi Toyota Engine Co., Ltd.,  Toyota Faw
                                                 (Tianjin) Dies Co., Ltd.,  etc.
   (decrease)                   22 companies     Takanichi Co., Ltd., TOYOTA VISTA TOKYO MORTOR SALES CO., LTD.,
                                                 etc.

Affiliated companies accounted for under the equity method

   (increase)                    3 companies     Takanichi Co., Ltd., Faw Toyota Motor Sales Co., Ltd., Toyota
                                                 Peugeot Citroen Automobile Czech, s.r.o.
   (decrease)                    None





              FY2005 Semi-Annual Unconsolidated Financial Results
                   (April 1, 2004 through September 30, 2004)

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

        English translation from the original Japanese-language document



                                                                November 1, 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                                     : Masaki Nakatsugawa, General Manager, Accounting Division
                                                     Tel. [phone]
Date of the meeting of the Board of Directors for  : Monday, November 1, 2004
FY2005 semi-annual financial results
Provision for interim cash dividends               : Provision exists.
Date of actual payment of interim cash dividends   : Friday, November 26, 2004
Number of shares in unit share system              : 100 shares



1. Results of FY2005 Semi-Annual  (April 1, 2004 through September 30, 2004)



(1) Unconsolidated financial results (Amounts less than one million yen are omitted.)

                                 Net sales                Operating income             Ordinary income

                                Million yen         %        Million yen           %      Million yen            %
FY2005 semi-annual                4,459,736     (3.7)          392,395       (-14.5)          442,382      (-13.4)
FY2004 semi-annual                4,302,173     (2.3)          459,184        (-2.6)          510,589        (6.0)
FY2004                            8,963,712                    833,791                       915,728


                                 Net income                 Net income per share

                                Million yen         %                        Yen
FY2005 semi-annual                  263,740   (-22.0)                      79.61
FY2004 semi-annual                  338,052   (-11.6)                      98.52
FY2004                              581,470                               171.08

Note 1: Average number of shares issued and outstanding in each period:
           FY2005 semi-annual       3,312,622,503 shares
           FY2004 semi-annual       3,431,131,843 shares
           FY2004                   3,394,992,707 shares

Note 2: Regarding net sales, operating income, ordinary income and net income,
the figures in parentheses show percentage of changes from the corresponding
period of the preceding year.



(2) Cash dividends
                            Interim cash dividends      Annual cash dividends
                                  per share                   per share
                                             Yen
FY2005 semi-annual                         25.00
FY2004 semi-annual                         20.00
                                                                      Yen
FY2004                                                              45.00



(3) Unconsolidated financial position

                                  Total assets     Shareholders' equity        Ratio of         Shareholders' equity
                                                                         shareholders' equity         per share

                                    Million yen          Million yen                     %                   Yen
FY2005 semi-annual                    8,670,755            5,916,848                  68.2              1,802.83
FY2004 semi-annual                    8,666,210            5,973,575                  68.9              1,757.32
FY2004                                8,817,164            5,984,675                  67.9              1,796.75

Note 1: Number of shares issued and outstanding at end of each period:
         FY2005 semi-annual       3,281,975,345 shares
         FY2004 semi-annual       3,399,245,211 shares
         FY2004                   3,330,470,317 shares

Note 2: Number of treasury stock at end of each period:       
         FY2005 semi-annual        328,022,147 shares
         FY2004 semi-annual        210,752,281 shares
         FY2004                    279,527,175 shares



              FY2005 Semi-Annual Unconsolidated Financial Results
                   (April 1, 2004 through September 30, 2004)

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

        English translation from the original Japanese-language document



2. Unconsolidated estimate of results of FY2005 (April 1, 2004 through March 31, 2005)

                                          Net sales             Ordinary income             Net income
                                            Million yen              Million yen              Million yen
FY2005                                        9,100,000                  890,000                  540,000



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.




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