Interim Results - 1

Toyota Motor Corporation
30 October 2002

October 30, 2002

Highlights of Consolidated Financial

Results for FY2003 Semi-Annual

(Six months ended September 30, 2002)

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



                                    (Billions of yen unless otherwise specified)

                                  FY2002 semi-annual     FY2003 semi-annual                  FY2003 Forecast
                                  (Apr. 2001 through     (Apr. 2002 through                 (Apr. 2002 through
                                      Sep. 2001)             Sep. 2002)                         Mar. 2003)
                                                                              % of change
                                                                                  from
                                                                                previous
                                                                              semi-annual

Vehicle sales                                      269                    301        12.1%                 620
(ten thousand units)
Net sales                                      6,833.5                7,886.6        15.4%
Operating income                                 506.5                  730.8        44.3%

                                  <7.4%>                 <9.3%>
Ordinary income                                  526.6                  794.0        50.8%

                                  <7.7%>                <10.1%>
Income before income taxes and                   526.6                  980.0        86.1%
minority interest in
consolidated subsidiaries                       <7.7%>                <12.4%>


Net income                                       291.1                  553.7        90.2%

                                  <4.3%>                 <7.0%>

Factors contributing to                                Operating income increased by 224.3
increases and decreases in                             billion yen
operating income
                                                       (Increase)

                                                       Cost reduction efforts        150.0
                                                       Effects of changes in          90.0
                                                       exchange rates

                                                       Marketing efforts              80.0


                                                       (Decrease)

                                                       Increases in R&D             - 95.7
                                                       expenses and labor
                                                       costs, etc.

Capital investment                               381.5                479.8                              980.0
(excluding leased vehicles)

Depreciation expenses                            335.7                360.9                               710.0

R&D expenses                                     251.0                294.0                               680.0

Performance evaluation                                 Increases in sales and
                                                          ordinary income
                                                      Net sales, operating income,
                                                     ordinary income, income before
                                                    income taxes and minority interest
                                                     in consolidated subsidiaries and
                                                     net income all reached historic
                                                                highs.

Number of employees                            239,767               253,842



October 30, 2002

                                  Highlights of Unconsolidated Financial

                                    Results for FY 2003 Semi-Annual

                                 (Six months ended September 30, 2002)

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



                                    (Billions of yen unless otherwise specified)
                              FY2002         FY2003 semi-annual                  FY2003 Forecast
                            semi-annual
                                                                          (Apr.2002 through Mar. 2003)
                            (Apr. 2001    (Apr. 2002   % of change      Revised      % of change    Initial
                              through    through Sep. from previous                  from FY2002
                            Sep. 2001)      2002)                      Forecast                    Forecast
                                                       semi-annual


Domestic vehicle                   1,644        1,676          1.9%           3,480          3.4%       3,260
production
(Thousand units)

Overseas vehicle                     890        1,090         22.4%           2,200         20.0%       2,150
production
(Thousand units)

Domestic vehicle sales               850          800        - 5.9%           1,750          1.7%       1,750
(Thousand units)

Exports                              824          891          8.1%           1,800          5.4%       1,600
(Thousand units)

Houses                             1,374        1,470          7.0%           3,400          9.9%       3,400
(Units)

Net sales                        4,011.9      4,204.7          4.8%         8,600.0          3.8%     8,300.0
Domestic                         1,767.3      1,607.3        - 9.1%
Export                           2,244.5      2,597.4         15.7%

Operating income                   354.2        471.3         33.1%           820.0          9.5%       750.0
                    <8.8%>      <11.2%>                        <9.5%>

Ordinary income                    347.1        481.7         38.8%           820.0          6.6%       770.0
                    <8.7%>      <11.5%>                        <9.5%>

Income before income taxes         347.1        644.2         85.6%           980.0         27.5%       930.0
                    <8.7%>      <15.3%>                       <11.4%>

Net income                         203.5        382.2         87.7%           590.0         25.5%       550.0
                    <5.1%>       <9.1%>                        <6.9%>

Factors contributing to                  Operating income increased Operating income is expected
increases and decreases in               by 117.1 billion yen.      to increase by 71.1 billion
operating income                                                    yen.
                                         (Increase)                 (Increase)

                                         Cost reduction       110.0 Cost reduction          230.0
                                         efforts                    efforts
                                         Effects of            90.0 Effects of changes       30.0
                                         changes in                 in exchange rates
                                         exchange rates

                                         (Decrease)                 (Decrease)

                                         Marketing           - 50.0 Marketing              - 80.0
                                         activities                 activities
                                         Increases in R&D    - 32.9 Increases in R&D      - 108.9
                                         expenses, etc.             expenses, etc

Exchange rates             JPY122/US$           JPY123/US$                  JPY122/US$            JPY125/US$
                           JPY108/Euro          JPY117/Euro                 JPY116/Euro           JPY110/Euro

Capital investment                  81.8                      111.6             300.0                   300.0

Depreciation expenses              131.6                      130.5             260.0                   260.0

R&D expenses                       226.7                      251.3             600.0                   580.0

Interest-bearing debt              514.7                      550.6

Performance evaluation                              Increases in sales and
                                                       ordinary income
Number of employees               65,029                     66,874





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, particularly laws, regulations and policies relating to
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.


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