Interim Results - Part 1

Toyota Motor Corporation
05 November 2003

                                                           For immediate release
                                                                November 5, 2003



                  Toyota Announces Record Semi-Annual Results

      Net revenues, Operating Income and Net Income Reach Record Highs

 (All consolidated financial information has been prepared in accordance with

       accounting principles generally accepted in the United States)





Tokyo - TOYOTA MOTOR CORPORATION (TMC) today announced operating results for the
six months ended September 30, 2003.



Beginning this term, Toyota's consolidated financial results are reported in
accordance with U.S. generally accepted accounting principles (U.S. GAAP).  For
the purposes of comparison, last year's figures have also been restated
according to U.S. GAAP.



On a consolidated basis, net revenues for the six months totaled 8.2 trillion
yen, an increase of 8.0 percent compared with the same period last year.
Operating income increased 12.1 percent to 767.7 billion yen, while income
before income taxes, minority interest and equity in earnings of affiliated
companies was 812.0 billion yen. Net income for the period increased 23.2
percent to 524.4 billion yen. All figures represent new records. Net income per
share(basic) was 153.36 yen, an increase of 34.92 yen compared with the
six-month period ended September 30, 2002.



On an unconsolidated basis, net sales reached 4.3 trillion yen, an increase of
2.3 percent versus last year. Operating income decreased 2.6 percent to 459.1
billion yen, while ordinary income was 510.5 billion yen, up 6.0 percent. Net
income totaled 338.0 billion yen, a decrease of 11.6 percent.



TMC also announced a first-half cash dividend of twenty yen for the six months
ended September 30, 2003, an increase of four yen compared with the same period
last year.



Commenting on the results, TMC executive vice president Ryuji Araki said, 'While
major markets have been experiencing limited growth in recent years, Toyota's
vehicle sales have seen a continued annual growth of four hundred thousand
units. Even during the current semi-annual period, overseas retail vehicle sales
grew significantly in all regions.'



TMC's Japanese market share (excluding minivehicles) for the six months ended
September 30, 2003 was 42.5 percent, a 0.4 percent increase over same period
last year. Vehicle sales increased by fifty-seven thousand units, to 1.08
million vehicles, supported by the introduction of new products such as the Raum
and WISH.



In North America, consolidated wholesale vehicle sales remained at last year's
first- half levels.





At the same time, favorable retail sales of vehicles such as the Corolla Sedan
and the new Lexus GX470 and RX330 helped the company achieve first-half sales of
more than one million vehicles in the U.S. for the first time. Sales of Scion
vehicles, which were launched in June, also continue to be favorable.

As a result, our market share rose to 11.3 percent.  TMC hopes to achieve its
annual sales target of two million vehicles in North America during this fiscal
year.



In Europe, sales continued to grow despite a slump in the overall market, aided
by the new Avensis. Consolidated sales in Europe were 441 thousand vehicles, an
increase of 12.5 percent over the same period last year.  TMC expects that its
annual sales target of 800 thousand vehicles will be achieved this term.



Consolidated global sales reached 3.17 million vehicles in the first half, an
increase of 219 thousand vehicles, or 7.4 percent.



TMC's unconsolidated forecast in accordance with Japan GAAP for the fiscal year
ending March 31, 2004 is as follows:

•        Net sales of 8.7 trillion yen.

•        Ordinary income of 800 billion yen.

•        Net income of 510 billion yen.



In addition, TMC increased its consolidated vehicle sales forecast by 160
thousand to 6.57 million vehicles.



Araki concluded, 'Even if the exchange rate remained at current levels in the
second half, we hope to offset the impact by enhancing our cost reduction and
marketing efforts to increase profits.  We intend to make every effort to exceed
last year's record consolidated operating profits.'



(Please see attached information for details on consolidated and unconsolidated
results.

Further information is also available on the Internet at www.toyota.co.jp)



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.





Contact: Public Affairs Division at [phone]/9158/9161/9170/9174/9179/9195
November 5, 2003

Highlights of Consolidated Financial Results
for FY2004 Semi-Annual

(April 1, 2003 through September 30, 2003)

   (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)
                                  FY2003 Semi-Annual      FY2004 Semi-Annual                       FY2004 Forecast
                                  (Apr. 2002 through      (Apr. 2003 through                    (Apr. 2003 through
                                          Sep. 2002)              Sep. 2003)                             Mar. 2004)
                                                                              % of change                
                                                                              from FY2003
                                                                              Semi-Annual
Vehicle sales                                  2,951                    3,170         7.4%                   6,570

(Thousand units)
Net revenues                                 7,613.4                  8,224.2         8.0%                       -
Operating income                               685.0                    767.7        12.1%                       -

                                <9.0%>                   <9.3%>
Income before income taxes,                    714.4                    812.0        13.7%                       -
minority interest and equity in
earnings of affiliated                        <9.4%>                   <9.9%>
companies


Net income                                     425.8                    524.4        23.2%                       -

                                <5.6%>                   <6.4%>
Factors contributing to                           -        Operating income increased by                         -
increases and decreases in
operating income                                               82.7 billion yen
                                                     (Increase)
                                                     Cost reduction efforts          110.0
                                                     Marketing efforts                10.0

                                                     (Decrease)
                                                     Increases in R&D expenses      - 37.3
                                                     and labor costs, etc.



Capital investment                             469.7                   421.4                                 950.0

(excluding leased vehicles)
Depreciation expenses                          344.8                   376.7                                 770.0
R&D expenses                                   292.4                   304.6                                 690.0
Performance evaluation                   -           Increases in revenues                                       -
                                                     and operating income
                                                     Increases in 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                          223,138                 265,532                                     -

Note: Effective from FY2004, Toyota prepares its consolidated financial
statements in accordance with accounting principles generally accepted in the
United States of America.  The consolidated financial statements for FY2003
semi-annual results have also been prepared 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
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.


November 5, 2003

Highlights of Unconsolidated Financial Results
for FY2004 Semi-Annual

(April 1, 2003 through September 30, 2003)

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



                                                                   (Billions of yen unless otherwise specified)
                                  FY2003       FY2004 semi-annual                     FY2004 Forecast
                             semi-annual                                        (Apr. 2003 through Mar. 2004)
                              (Apr. 2002     (Apr. 2003    % of change      Revised     % of change     Initial
                                 through    through Sep. from previous     Forecast     from FY2003    Forecast
                               Sep. 2002)          2003)   semi-annual
Domestic vehicle                   1,676          1,682           0.4%        3,500          - 0.4%       3,330
production

(Thousand units)
Overseas vehicle                   1,093          1,302          19.2%        2,740           23.7%       2,450
production

(Thousand units)
Domestic vehicle sales               800            830           3.8%        1,760            2.1%       1,750

(Thousand units)
Exports                              891            890         - 0.2%        1,820          - 0.9%       1,650

(Thousand units)
Houses                             1,470          1,951          32.7%        4,100           14.6%       3,600

(Units)
Net sales                        4,204.7        4,302.1           2.3%      8,700.0          - 0.4%     8,300.0
Domestic                         1,607.3        1,667.5           3.7%
Export                           2,597.4        2,634.5           1.4%

Operating income                   471.3          459.1         - 2.6%        720.0         - 16.4%       620.0
                   <11.2%>        <10.7%>                      <8.3%>

Ordinary income                    481.7          510.5           6.0%        800.0         - 10.4%       670.0
                   <11.5%>        <11.9%>                      <9.2%>

Income before income taxes         644.2          510.5        - 20.7%        780.0         - 26.1%       670.0
                   <15.3%>        <11.9%>                      <9.0%>

Net income                         382.2          338.0        - 11.6%        510.0         - 19.6%       440.0
                    <9.1%>         <7.9%>                      <5.9%>


Factors contributing to          -       Operating income decreased by Operating income is expected      -
increases and decreases in               12.2 billion yen.             to decrease by 141.3 billion
operating income                                                       yen.
                                         (Decrease)                    (Decrease)
                                         Marketing              - 50.0 Effects of changes   - 210.0
                                         activities                    in exchange rates
                                                                - 30.0
                                         Effects of changes            Marketing
                                         in exchange rates             activities            - 30.0
                                         Increases in R&D       - 12.2 Increases in R&D      - 61.3
                                         expenses, etc.                expenses, etc.
                                         (Increase)                    (Increase)
                                         Cost reduction                Cost reduction
                                         efforts                  80.0 efforts                160.0


Exchange rates                JPY123/US$            JPY118/US$               JPY112/US$           JPY115/US$
                             JPY117/Euro           JPY134/Euro              JPY129/Euro          JPY125/Euro
Capital investment                 111.6                 120.3                    290.0                300.0
Depreciation expenses              130.5                 123.5                    250.0                260.0
R&D expenses                       251.3                 259.0                    600.0                600.0
Interest-bearing debt              550.6                 533.6                        -                    -
Performance evaluation           -           Increase in sales and                    -                    -
                                          decrease in ordinary income
Number of employees               66,874                66,099                        -                    -








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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            The company news service from the London Stock Exchange