Interim Results - 2

Toyota Motor Corporation
30 October 2002



               FY2003 Semi-Annual Consolidated Financial Results

                     (Six months ended September 30, 2002)

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

        English translation from the original Japanese-language document



                                                                October 30, 2002

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 person                              : Fujio Cho, President
Contact person                                     : Takanori Matsuo, General Manager, Accounting Division
                                                     Tel. [phone]

Date of the meeting of the Board of Directors for  : Wednesday, October 30, 2002
FY2003 semi-annual financial results

Whether or not to be prepared in accordance with   : No
accounting principles generally accepted in the
United States


Results of FY2003 Semi-Annual (April 1, 2002 through September 30, 2002)
(1) Consolidated financial results


                   (Amounts less than one million yen are omitted.)
                             Net sales                  Operating income           Ordinary income
                               Million yen            %   Million yen            %   Million yen            %

FY2003 semi-annual               7,886,681       (15.4)       730,827       (44.3)       794,028       (50.8)
FY2002 semi-annual               6,833,560        (6.4)       506,581       (34.7)       526,649       (33.7)
FY2002                          15,106,297                  1,123,470                  1,113,524


                            Net income                Net income per share         Net income per share
                                                      - basic                      - diluted
                             Million yen            %                          Yen                          Yen
FY2003 semi-annual               553,797       (90.2)                       158.54                       158.54
FY2002 semi-annual               291,114       (82.4)                        80.27                            -
FY2002                           615,824                                    170.69                       170.69


Note 1: Equity in earnings of affiliates: FY2003 semi-annual  51,627 million
yen, FY2002 semi-annual  21,344 million yen, FY2002  15,046 million yen

Note 2: Average number of shares issued and outstanding in each year
(consolidated): FY2003 semi-annual  3,492,915,041 shares, FY2002 semi-annual
3,626,278,660 shares, FY2002  3,607,780,460 shares

Note 3: Regarding net sales, operating income, ordinary income and net income,
the figures in parentheses show percentage of changes from the previous
semi-annual.


(2) Consolidated financial position

                       Total assets         Shareholders' equity   Ratio of               Shareholders' equity
                                                                                          per share
                                                                   shareholders' equity
                                Million yen            Million yen                      %                     Yen

FY2003 semi-annual               19,956,937              7,511,057                   37.6                2,179.68
FY2002 semi-annual               18,296,742              7,044,517                   38.5                1,958.98
FY2002                           19,888,937              7,325,072                   36.8                2,059.94

Note: Number of shares issued and outstanding at end of each period
(consolidated): FY2003 semi-annual  3,445,938,522 shares, FY2002 semi-annual
3,596,011,263 shares, FY2002  3,555,963,016 shares



(3) Consolidated cash flows

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

FY2003 semi-annual                  532,001              (522,914)                237,111               1,893,387
FY2002 semi-annual                  453,325              (312,656)                227,530               1,860,083
FY2002                              759,149              (954,031)                348,005               1,688,126



(4) Scope of consolidation and equity method


Number of consolidated subsidiaries         579 companies
Number of unconsolidated subsidiaries         -
Number of affiliates                        234 companies (including 50 affiliates accounted for under the
                                                           equity method)



(5) Changes in scope of consolidation and equity method


Consolidated subsidiaries
(increase)                27 companies    Toyota Motor Europe n.v./s.a., PT. Astra Daihatsu Motor, Toyota
                                          Espana S.L., etc.
(decrease)                12 companies    Toyota Media Station Inc., etc.

Affiliates accounted for under the equity method
(increase)                 2 companies    Sichuan Toyota Motor Co., Ltd., Tianjin Toyota Motor Co., Ltd.
(decrease)                 2 companies    Toyota Espana S.L., Jeco Co., Ltd.


              FY2003 Semi-Annual Unconsolidated Financial Results

                     (Six months ended September 30, 2002)

  ( All financial information has been prepared in accordance with accounting
                    principles generally accepted in Japan)
        English translation from the original Japanese-language document



                                                                October 30, 2002

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 person                              : Fujio Cho, President
Contact person                                     : Takanori Matsuo, General Manager, Accounting Division
                                                    Tel.[phone]
Date of the meeting of the Board of Directors for  : Wednesday, October 30, 2002
FY2003 semi-annual financial results
Provision for interim cash dividends               : Provision exists.
Date of starting actual payment of interim cash    : Tuesday, November 26, 2002
dividends
Number of shares in unit share system              : 100 shares



1. Results of FY2003 semi-annual (April 1, 2002 through September 30, 2002)

(1) Unconsolidated financial results

                                                        (Amounts less than one
                           million yen are omitted.)
                           Net sales                   Operating income            Ordinary income
                                Million yen          %      Million yen          %      Million yen          %

FY2003 semi-annual                4,204,777      (4.8)          471,339     (33.1)          481,750     (38.8)
FY2002 semi-annual                4,011,942      (8.2)          354,216     (85.1)          347,112     (53.0)
FY2002                            8,284,968                     748,924                     768,920


                             Net income                  Net income per share
                                  Million yen          %                         Yen

FY2003 semi-annual                    382,218     (87.7)                      106.27
FY2002 semi-annual                    203,598     (95.0)                       55.37
FY2002                                470,239                                 128.56

       Note Average number of shares issued and outstanding in    FY2003 semi-annual      3,596,551,840 shares
       1:   each period
            (FY2002 semi-annual contains treasury stock.)         FY2002 semi-annual      3,676,656,975 shares
                                                                  FY2002                  3,657,658,522 shares

       Note Regarding net sales, operating income, ordinary income and net income, the figures in parentheses
       2:   show percentage of changes from the previous semi-annual.



(2) Cash dividends
                                Interim cash dividends per share  Annual cash dividends per share

                                                              Yen
FY2003 interim                                              16.00
FY2002 interim                                              13.00
                                                                                               Yen
FY2002                                                                                       28.00



(3) Unconsolidated financial position
                             Total assets         Shareholders' equity Ratio of             Shareholders' equity
                                                                       shareholders' equity per share
                                      Million yen          Million yen                    %                  Yen

FY2003 semi-annual                      8,484,092            5,840,208                 68.8             1,645.08
FY2002 semi-annual                      8,023,579            5,612,186                 69.9             1,537.58
FY2002                                  8,467,930            5,662,158                 66.9             1,570.26

    Note1: Number of shares issued and outstanding at the end of  FY2003 semi-annual        3,550,090,510
           each period                                                                             shares
           (FY2002 semi-annual contains treasury stock.)          FY2002 semi-annual        3,649,997,492
                                                                                                   shares
                                                                  FY2002                    3,605,864,612
                                                                                                   shares
    Note2: Number of treasury stock at the end of each period     FY2003 semi-annual           59,906,982
                                                                                                   shares
                                                                  FY2002                       44,132,880
                                                                                                   shares



2. Unconsolidated estimate of results of FY2003 (April 1, 2002 through March 31,
2003)
                           Net sales                   Ordinary income              Net income
                                           Million yen                  Million yen                 Million yen

FY2003                                       8,600,000                      820,000                     590,000



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
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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