Highlights

Toyota Motor Corporation
01 November 2004

November 1, 2004

Highlights of Consolidated Financial Results
for FY2005 Semi-Annual

                   (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)



                                                                       (Billions of yen unless otherwise specified)

                                 FY2004 Semi-Annual     FY2005 Semi-Annual                     FY2005 Forecast
                                 (Apr. 2003 through     (Apr. 2004 through
                                     Sep. 2003)             Sep. 2004)                       (Apr. 2004 through
                                                                              % of change        Mar. 2005)
                                                                              from FY2004
                                                                              Semi-Annual

Vehicle sales                                  3,170                    3,567        12.5%        7,220
(Thousand units)

Net revenues                                 8,224.2                  9,025.6         9.7%
 Operating income                               767.7                    866.2        12.8%
                                <9.3%>                   <9.6%>

Income before income taxes,                                                          12.5%
minority interest and equity in
earnings of affiliated                         812.0                    913.2
companies

                                              <9.9%>                  <10.1%>
Net income                                     524.4                    584.0        11.4%
                                <6.4%>                   <6.5%>

Factors contributing to                                  Operating income increased by
increases and decreases in
operating income                                               98.5 billion yen

                                                     (Increase)

                                                     Marketing efforts               260.0

                                                     Cost reduction efforts           70.0



                                                     (Decrease)

                                                     Effects of changes in          -120.0
                                                     exchanges rates

                                                     Increases in R&D and other
                                                     expenses                       -111.5

Capital investment                             421.4 500.6                                      1,060.0

(excluding leased vehicles)
Depreciation expenses                          376.7 392.1                                        810.0
R&D expenses                                   304.6 351.4                                        710.0

Performance evaluation                               Increases in revenues
                                                     and operating income

                                                     Revenues, operating income, income
                                                     before income taxes, minority
                                                     interest and equity in earnings of
                                                     affiliated companies, and net income
                                                     all reached historic highs for
                                                     semi-annual consolidated financial
                                                     results

Number of employees                          265,532 269,310








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.




                                                                                         November 1, 2004

                              Highlights of Unconsolidated Financial Results
                                         for FY2005 Semi-Annual

                                 (April 1, 2004 through September 30, 2004)

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



                                    (Billions of yen unless otherwise specified)
                                FY2004          FY2005 semi-annual                   FY2005 Forecast
                              semi-annual                                     (Apr. 2004 through Mar. 2005)
                              (Apr. 2003     (Apr. 2004    % of change     Revised      % of change     Initial
                                through     through Sep.  from previous    Forecast     from FY2004    Forecast
                              Sep. 2003)       2004)       semi-annual
Domestic vehicle                   1,682          1,802           7.1%        3,690            3.7%       3,610
production
(Thousand units)

Overseas vehicle                   1,307          1,511          15.6%        3,080           12.4%       3,050
production
(Thousand units)

Domestic vehicle sales               830            838           1.0%        1,790            1.4%       1,790
(Thousand units)

Exports                              890            967           8.7%        1,950            4.8%       1,880
(Thousand units)

Houses                             1,951          1,981           1.5%        4,300            6.5%       4,100
(Units)

Net sales                        4,302.1        4,459.7           3.7%      9,100.0            1.5%     9,000.0
Domestic                         1,667.5        1,723.0           3.3%
Export                           2,634.5        2,736.7           3.9%

Operating income                   459.1          392.3        - 14.5%        730.0         - 12.4%       700.0
                   <10.7%>         <8.8%>                      <8.0%>

Ordinary income                    510.5          442.3        - 13.4%        890.0          - 2.8%       830.0
                   <11.9%>         <9.9%>                      <9.8%>

Income before income taxes         510.5          417.3        - 18.3%        860.0          - 3.6%       800.0
                   <11.9%>         <9.4%>                      <9.5%>

Net income                         338.0          263.7        - 22.0%        540.0          - 7.1%       520.0
                    <7.9%>         <5.9%>                      <5.9%>

Factors contributing to                  Operating income decreased by Operating income is expected
increases and decreases in               66.8 billion yen.             to decrease by 103.7 billion
operating income                                                       yen.
                                         (Decrease)                    (Decrease)
                                         Effects of changes            Effects of changes
                                         in exchange rates     - 100.0 in exchange rates   - 150.0
                                         Increases in R&D              Increases in R&D
                                         expenses, etc.         - 86.8 expenses, etc.      - 123.7

                                         (Increase)                    (Increase)
                                         Marketing efforts        80.0 Cost reduction         90.0
                                         Cost reduction           40.0 efforts                80.0
                                         efforts                       Marketing efforts
                                                                                           
Exchange rates              JPY118/US$    JPY110/US$                    JPY107/US$          JPY105/US$
                            JPY134/Euro   JPY133/Euro                   JPY132/Euro         JPY125/Euro

Capital investment         120.3         115.7                            300.0                300.0
Depreciation expenses      123.5         121.9                            250.0                250.0
R&D expenses               259.0         302.1                            620.0                590.0
Interest-bearing debt      533.6         500.6
Performance evaluation                       Increase in sales and
                                          decrease in ordinary income
Number of employees       66,099         4,408




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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