Interim Results - Part 2

Toyota Motor Corporation
18 November 1999


Part 2

UNCONSOLIDATED FINANCIAL HIGHLIGHTS

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

                         FY2000 interim       FY1999 interim      Increase
                      (April 1999 through   (April 1998 through  (Decrease)
                        September 1999)        September 1998)

Vehicle sales              1,542,076             1,523,003         19,073
(Units)

Net sales                  3,570,117             3,763,122       (193,005)
(Million yen)

Net income                   173,616               147,931         25,685
(Million yen)

Interim cash dividends           Y11                   Y10             Y1
per share



Interim Dividends

For those shareholders mentioned in the final list of shareholders (including
the beneficial shareholders notified by Japanese Securities Depository Center)
as of September 30, 1999, we are implementing an interim divided as follows.

1. Interim dividends: 11 yen per share 

2. The right to demand payment becomes effective on November 26, 1999; actual   
  payment starts on the same day.


UNCONSOLIDATED PRODUCTION AND SALES

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

Production
                                                                     (Units)

                            FY2000 interim      FY1999 interim      Increase
                         (April 1999 through  (April 1998 through
                           September 1999)      September 1998)    (Decrease)

Vehicles                      1,491,272            1,504,397        (13,125)
Houses                            1,622                1,351            271

(Reference)                                                          (Units)

Production by overseas entities  809,853              732,830         77,023  



Sales

                                                                     (Units)

                            FY2000 interim      FY1999 interim      Increase
                        (April 1999 through  (April 1998 through   (Decrease)
                           September 1999)      September 1998)

           Domestic            793,399              801,846          (8,447)
Vehicles    Export             748,677              721,157          27,520
            Total            1,542,076            1,523,003          19,073

           Domestic             12,392               14,273          (1,881)
Industrial  Export               6,692                7,098            (406)
vehicles    Total               19,084               21,371          (2,287)

           Houses                1,554                1,342             212

   
UNCONSOLIDATED NET SALES BREAKDOWN

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

                 (Million yen; amounts less than one million yen are omitted)

                           FY200 interim       FY1999 interim      Increase
                       (April 1998 through  (April 1998 through   (Decrease)
                          September 1999)      September 1998)
         
              Domestic       1,337,191            1,396,657         (59,466)
Vehicles       Export        1,386,945            1,494,405        (107,460)
               Total         2,724,137            2,891,062        (166,925)

Parts & 
components     Export          374,822              370,282           4,540
for overseas
production

              Domestic         161,153              165,934         (4,781)
Parts          Export           88,193              103,289        (15,096)
               Total           249,347              269,224        (19,877)

              Domestic          34,766               39,879         (5,113)
Industrial     Export           21,266               23,755         (2,489)    
vehicles       Total            56,032               63,635         (7,603)

              Domestic          49,403               41,703          7,700
Others         Export          116,374              127,213        (10,839)
               Total           165,778              168,917         (3,139)

              Domestic       1,582,515            1,644,174        (61,659)
Grand total    Export        1,987,602            2,118,947       (131,345)
               Total         3,570,117            3,763,122       (193,005)



UNCONSOLIDATED STATEMENTS OF INCOME

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

               (Million yen; amounts less than one million yen are omitted.)

                          FY2000 interim FY 1999 interim  Increase    FY1999
                            (April 1999    (April 1998   (Decrease) (April 1998
                              through        through                  through
                          September 1999) September 1998)           March 1999)

Ordinary profits and loss

Operating revenue and 
expenses

 Operating revenue          3,570,117        3,763,122    (193,005)  7,525,555
  Net sales                 3,570,117        3,763,122    (193,005)  7,525,555
 Operating expenses         3,331,160        3,435,249    (104,089)  6,981,741
  Cost of sales             2,935,517        2,999,590     (64,073)  6,115,119
  Selling, general, and
   administrative  
   expenses                   395,643          435,658     (40,015)    866,621
 Operating income             238,956          327,873     (88,917)    543,814

Non-operating income and expenses
 Non-operating income          93,573           92,336       1,237     166,772
  Interest and discounts 
   earned                      18,614           24,583      (5,969)     46,731
  Dividends received           23,192           18,583       4,609      40,499
  Other non-operating income   51,766           49,170       2,596      79,541
 Non-operating expenses        44,229           90,578     (46,349)    132,551
  Interest and discounts 
   expenses                     5,384            4,199       1,185       9,469
  Other non-operating expenses 38,844           86,379     (47,535)    123,081

Ordinary income               288,301          329,631     (41,330)    578,035

Income before income taxes    288,301          329,631     (41,330)    578,035
Income taxes - current        141,300          181,700     (40,400)    310,800
Income taxes - tax effect 
 of temporary differences     (26,614)               -     (26,614)          -

Net income                    173,616          147,931      25,685     267,235
Unappropriated retained        
earnings brought forward       72,426           77,506      (5,080)     77,506

Adjustment for prior years
by adopting accounting for
tax effects                   381,815                -     381,815           -

Reversal of reserve for 
loss on overseas investment
because of an adoption of
accounting for tax effects        189                -         189           -

Reversal of reserve for 
special depreciation because
of an adoption of accounting 
for tax effects                   115                -         115           -

Reversal of reserve for 
reduction of acquisition cost
of fixed assets because of
an adoption of accounting 
for tax effects                 3,816                -       3,816           -

Retirement of shares                -           43,708     (43,708)    134,289

Interim cash dividends              -                -           -      37,900

Unappropriated retained 
earnings at the               631,979          181,729     450,250     172,551
end of the period

Notes

1. Sales to subsidiaries: Y1,879,089 million
2. Purchases from subsidiaries: Y306,435 million
3. Non-operating transaction with subsidiaries: Y18,649 million
4. The related provisions of the Japan's Commercial Code apply to the scope of  
  subsidiaries; subsidiaries refer to companies with an equity participation    
 of more than 50%.
5. Starting with the current interim term, the method of tax effect accounting  
  is applied in according with the proviso of Article 4 of the Additional       
 Rules to the 'Ordinance for Revising Part of the Regulations Concerning the
   Terminology, Forms and Preparation Methods of Financial Statements' (the     
  Finance Ministry's Ordinance No. 173 of December 21, 1998). This revision     
 has led to an increase of 26,614 million yen in interim net income and an      
increase of 412,552 million yen in interim unappropriated retained earnings.
6. The enterprise taxes for FY1999 interim, which was formerly included in the  
  'Selling, general and administrative expenses' is now included in the         
 'Income taxes-current'. This change has no effect on net income for FY1999     
interim term, although it has led to an increase of 41,000 million yen in      
the followings: 'Operating income', 'Ordinary income', 'Income before income   
taxes', and 'Income taxes-current'.


UNCONSOLIDATED BALANCE SHEETS

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

Assets
                 (Million yen; amounts less than one million yen are omitted)
                  
                       FY2000 interim     FY1999     Increase   FY1999 interim
                      (As of September (As of March (Decrease) (As of September
                          30 ,1999)      31, 1999)                 30, 1998)
   Assets
Current assets             2,881,564     2,696,266     185,298     2,817,264
 Cash and deposits           532,063       830,584    (298,521)    1,306,344
 Trade notes receivable          792           341         451         1,222
 Trade accounts receivable   662,646       821,209    (158,563)      706,036
 Marketable securities     1,058,181       523,088     535,093       336,120
 Finished goods              123,204       145,283     (22,079)      130,692
 Raw materials                 8,455         7,807         648         6,817
 Work in process              60,180        64,414      (4,234)       69,938
 Supplies                      6,031         5,725         306         6,264
 Short-term loans             92,876        97,336      (4,460)       60,779
 Deferred income taxes       144,133             -     144,133             -
 Other current assets        210,232       218,132      (7,900)       21,088
 Less:allowance for doubtful (17,233)      (17,658)        425       (18,040)
 accounts

Fixed assets               4,760,678     4,561,933     188,745     4,413,617

 Property, plant and       1,341,720     1,380,796     (39,076)    1,348,798
 equipment
  Buildings                  378,458       384,095      (5,637)      380,612
  Structures                  46,359        47,753      (1,394)       46,014
  Machinery and equipment    377,803       381,295      (3,492)      391,032
  Vehicle and delivery 
   equipment                   8,051         8,462        (411)        7,970
  Tools, furniture, and 
   fixtures                   75,379        78,460      (3,081)       86,032
  Land                       410,864       415,168      (4,304)      400,798
  Construction in progress    44,803        65,560     (20,757)       36,337
 
Investments and other 
assets                     3,408,958     3,181,136     227,822      3,064,818
 Investments in securities 1,834,210     1,909,169     (74,959)     1,752,593
 Investments in subsidiaries 948,167       933,902      14,265        947,635
 Long-term loans             296,476       300,062      (3,586)       327,212
 Deferred income taxes       264,296             -     264,296              -
 Other investments            69,142        41,744      27,398         40,849
 Less allowance for doubtful  (3,334)       (3,742)        408         (3,472)
 accounts
Total assts                7,632,243     7,258,200     374,043      7,230,881



Liabilities and Shareholders' Equity

                  (Million yen; amounts less than one million yen are omitted)
                
                       FY2000 interim     FY1999     Increase   FY1999 interim
                       As of September (As of March (Decrease) (As of September
                          30 ,1999       31, 1999)                 30, 1998)
                         
    Liabilities

Current liabilities        1,385,238     1,505,480   (140,242)     1,478,342
 Trade notes payable           1,093         1,261       (168)         1,214
 Trade accounts payable      692,583       688,302      4,281        674,921
 Accrued liabilities         165,415       254,954    (89,539)       214,173
 Accrued income taxes        130,203       138,965     (8,762)       173,034
 Accrued expenses            336,304       372,074    (35,770)       360,979
 Deposits received            33,779        44,305    (10,526)        44,524
 Other current liabilibes      5,858         5,617        241          9,494

Long-term liabilities        837,735       829,499      8,236        824,163
 Bonds                       514,150       514,150          -        514,150
 Retirement and severance 
  benefits                   321,453       313,012      8,441        307,478
 Other long-term liabilities   2,132         2,336       (204)         2,534
Total liabilities          2,202,973     2,334,980   (132,007)     2,302,505

  Shareholders' equity

Common stock                 397,020       397,020          -        396,994
Statutory reserve            513,479       513,479          -        512,410
 Capital surplus             414,025       414,025          -        413,161
 Legal reserve                99,454        99,454          -         99,248
Retained earnings          4,518,769     4,012,719    506,050      4,018,970
 Reserve for loss on 
  overseas investment            270           399       (129)           399
 Reserve for special 
  depreciation                   164           266       (102)           266
 Reserve for reduction
  of acquisition               
  cost of fixed assets         5,429         8,575     (3,146)         8,575
 General reserve           3,880,926     3,830,926     50,000      3,828,000
 Unappropriated retained
  earnings at year-end       631,979       172,551    459,428        181,729
            <173,616>     <267,235>  <(93,619)>     <147,931>

Total shareholders' equity 5,429,269     4,923,220    506,049      4,928,375
Total liabilities and
 shareholders' equity      7,632,243     7,258,200    374,043      7,230,881



Notes to Unconsolidated Balance Sheets:

1. Short-term receivables from subsidiares: Y357,695 million
2. Long-term receivables from subsidiaries: Y216,450 million
3. Short-term payables to subsidiaries: Y114,125 million
4. The related provisions of the Japan's Commercial Code apply to the scope of  
  subsidiaries, subsidiaries refer to companies with an equity participation    
 of more than 50%.
5. Marketable securities include treasury stock valued at Y602 million.
6. Other investments include treasury stock, valued at Y2,111 million.
7. Accumulated depreciation for 'property, plant and equipment': Y3,481,186     
  million.
8. Finance leases in which the ownership of leased assets are not transferred   
  to lessees: 
   - Lease expense during the current interim term are Y271 million
   Had the company capitalized such leases transactions, related accounts in    
  the financial statements would have read: 
   As of September 30, 1999 
    - Acquisition costs: Y2,285 million 
    - Accumulated depreciation: Y2,090 million 
    - Costs, less accumulated depreciation: Y194 million 
    - Finance lease obligation: Y222 million (current portion Y217 million) 
   For the interim ended September 30, 1999: 
    - Depreciation expense: Y230 million 
    -Interest expense: Y11 million 
   Depreciation expense is computed based on the straight line method. 
   Interest expense, the difference between the sum of lease payments and the   
  acquisition cost, is allocated over fiscal periods based on the interest      
 method.

9. The breakdown of main investments in secuirities in foreign currencies       
  (acquisition cost in foreign currencies) is as follows:
   1,221,361 thousand U.S. dollars; 3,767,747 thousand New Taiwan dollars;      
  2,160,000,000 thousand Turkish lire; 306,471,012 thousand Indonesian          
 rupiahs; 267,920 thousand French francs; 139,664 thousand Malaysian            
ringgit; 446,403 thousand South African rands, 889,702 thousand Philippine     
pesos; 121,428 thousand Norwegian kroner; 68,615 thousand pounds sterling      
(GBP); 12,747,010 thousand Colombian pesos; 1,044,742 thousand Portuguese      
escudos; 6,474 thousand Canadian dollars; and 954,435 thousand Spanish         
pesetas (ESP).

10.The breakdown of main investments in subsidiaries in foreign currencies      
  (acquisition cost in foreign currencies) is as follows:
   1,464,053 thousand U.S. dollars; 656,057 thousand pounds sterling (GBP);     
  754,000 thousand Canadian dollars; 627,779 thousand Australian dollars;
   5,187,906 thousand Thai bahts; 142,463 thousand Brazilian reals; 875,499     
  thousand French francs; 5,535,000 thousand Indian rupees; 4,280,000 thousand  
 Belgian francs; 202,922 thousand German marks; 98,350 thousand Argentine       
pesos; 2,150,000 thousand Venezuelan bolivars; 300,000 thousand Finnish        
markka; 452,020 thousand Chinese yuan; 75,500,000 thousand Italian lire;       
950,000 thousand Philippine pesos; 291,032 thousand Swedish kronor; 186,735
   thousand Danish kroner; and 69,080 thousand New Zealand dollars.

11.Assets pledged; Y18 million of investment in securities
12.Guarantees; Y172,158 million
13.Export bill discounted: Y4,951 million
14.Accrued enterprise taxes and accrued enterprise establishment taxes,         
   included as part of 'Accrued enterprise taxes' account in the same term of   
  the previous year, have been accounted for under 'Accrued income taxes'       
 account and 'Accrued liabilities' account respectively. This change has had    
no effect on total of current liabilities.


Fair value of securities, etc.

Securities

                 (Million yen; amounts less than one million yen are omitted)
     
                                            FY2000 (As of
                                          September 30, 1999)   

                                     Book       Fair     Unrealized             
                                    Value     Value      gain or                
                                                         (loss)  
1 Items in current assets

  Stocks                              690       37,508      36,818    
  Bonds                            49,156       49,143         (13) 
  Miscellaneous                         -            -           -  
  Subtotal                         49,846       86,651      36,805  

2)Items in fixed assets

  Stocks                          743,929    2,344,565   1,600,636
  Bonds                           707,020      750,641      43,621
  Miscellaneous                     5,803        6,871       1,068
  Subtotal                      1,456,753    3,102,078   1,645,325
  Total                         1,506,600    3,188,730   1,682,130

   
                                FY1999 (As of            FY1999 Interim (As of
                             September 30, 1999)          September 30, 1999)

                           Book    Fair   Unrealized   Book     Fair Unrealized
                           Value   Value    gain or    Value    Value   gain or 
                                            (loss)                      (loss)
1 Items in current assets

  Stocks                   121   32,290    32,169          0         0        0 
 Bonds                 67,443   67,982       539     61,525    61,864      339
  Miscellaneous              -        -         -          -         -        -
  Subtotal              67,564  100,272    32,708     61,526    61,865      339 
       
2)Items in fixed assets

  Stocks               740,860 1,975,379 1,234,519   667,720 1,575,953  908,233 
 Bonds                776,584   818,498    41,914   765,373   817,665   52,292 
  Miscellaneous          6,219     6,606       387     5,479     5,517       38 
 Subtotal           1,523,664 2,800,484 1,276,820 1,438,573 2,399,137  960,564  
Total              1,591,229 2,900,757 1,309,528 1,500,099 2,461,002  960,903   
   

Notes:
1) Fair values above are based on the following prices.
  (1)Listed securities: mainly closing prices of the Tokyo Stock Exchange or    
    standard quotation price of over-the-counter trading of standard bonds      
   announced by the Japan Securities Dealers Association
  (2)Securities traded over the counter: final prices announced by the Japan    
    Securities Dealers Association.
  (3)Securities with quotation prices (excluding securities failing into the    
    category (1) and (2): Standard quotation price of over-the-counter trading  
   of standard bonds announced by the Japan Securities Dealers Association
  (4)Beneficiary certificates of unlisted securities investment trust: standard 
    prices.
  (5)Miscellaneous bonds: prices after adjustment (interest rate or differences 
    in the remaining period of redemption) made on the standard quotation       
   price of over-the-counter trading of standard bonds announced by the Japan   
  Securities Dealers Association.
2) Book value of securities not disclosed.

                            FY2000 interim        FY1999       FY1999 interim

                              million yen       milion yen       million yen

Included in    Unlisted             110            3,607                 - 
current assets securities

               Bonds          1,008,224          451,915           274,593
Included in    Unlisted         985,439          967,439           989,094
fixed assets   securites

               Bonds            287,589          302,892           241,184

3) Stocks in 'items in current assets' include treasury stock.
4) Stocks in 'items in fixed assets' include treasury stock.



Contract Amount, etc., Fair Value and Unrealized Gain or Loss of Derivative
Transactions

1. Currency Related (Non-Market Transactions)

                 (Million yen; amounts less than one million yen are omitted)


    Nature of                                FY2000 interim 
   Transaction                         (As of September 30, 1999)   

                                 Contract Amount      Fair       Unrealized     
                                       etc.          Value                      
                                          Those                  Gain or
                                           Over 1                   (Loss)
                                           Year
Forward Exchange                                                 
Contracts
 Sales contracts
 U.S. dollars                     444,170     -       403,299      40,871
 Euro                              67,653      -       63,418       4,235  
 German marks                         -        -          -           -
 Other Currencies                  20,829      -       19,572       1,257 Option
Transactions
Put Option Held
 U S. dollars                      34,450      -        3,736       2,691
                                   <1.045>              
 Euro                              42,502      -        2,432       1,413       
                                  <1,019>      
German marks                          -        -          -            -
                                     <->  
 Other Currencies                  13,712      -          794         454   
                                     <340>
Other Option
Transactions
 U.S. dollars                       6,417      -          721         721
                                     <0>
 Euro                              45,640      -        1,988       1,988
                                     <0>        
 German marks                         -        -           -           -        
                                   < ->     
 Other Currencies                  12,211      -          470         470   
                                    <0> 
TOTAL                                -         -           -       54,102 


              FY1999 (As of March 31, 1999)        FY1999 interim (As of        
                                                  September 30,1998)

              Contract          Fair     Unreal-   Contract      Fair    Unreal
              amount            Value    ized      amount        Value   -ized
              etc.      Those            Gain or   etc.    Those
                        over             Loss              over          Gain   
                       1 yr                               1 yr          or      
                                                                      (Loss)

Forward Exchange
Contracts
Sales contracts
US dollars   370,885     -    372,217   (1,332)   244,320    -  240,523   3,797

Euro          49,878     -     47,569    2,309        -      -      -        -  
German
marks           -        -        -        -       61,556    -   62,895 (1,339) 

Other
Currencies    24,503     -     25,107     (604)    18,101    -   17,487    614 

Option
Transactions
Put Option
held
U.S.dollars   87,645     -      1,242    (1,042)   96,260    -    2,485    634 
              <2,284>                             <1.851>
Euro          34,976     -      1,019        83       -      -       -      - 
               <936>                                  -
German
marks            -       -         -        -      37,515    -      219   (314)
                <->                                  <533>
Other
Currencies    10,397     -         82      (180)   12,921    -      326     88 
                <262>                                <238>
Other Option    
Transactions
U.S. dollars  51,836     -     (1,095)   (1,095)  134,673    -     2,739  2,739
               <0>                                   <0>  

Euro          38,675     -        565       565       -      -        -      -
               <0>                                   <->

German marks     -       -        -           -    43,324    -     (652)  (652)
                <->                                   <0>
Other
Currencies    10,591     -        (92)      (92)   13,725    -      184    184

Total            -       -        -       (1,387)      -     -        -   5,752

Notes:
1.Derivative transactions assigned to foreign currency debts or credits in      
 accordance with 'Accounting Standards for Foreign Currency Transactions,       
etc...' are excluded from those to be disclosed.
2.Fair value of forward exchange contract is calculated based on the forward    
 exchange rate at the balance sheet date.
3.Market prices for option transactions are calculated based on prices quoted   
 by financial institutions.
4.Among the option transactions, other option transactions are the range -      
 forward transactions which will be exchanged at the maximum or the minimum of  
the fixed exchange rate at a specified future date, and no option fees         
related to those transactions are incurred.
5.< > shows the option contract fees on the balance sheet.


2. Interest Related (Non-Market Transactions)

                 (Million yen; amounts less than one million yen are omitted)

Nature of           FY2000 Interim(As of September
Transaction              30, 1999)
                    Contract amount             Fair       Unrealized
                     etc.                       Value      Gain or  
                                     Those                 (Loss)
                                     over 1
                                     Year
Swap Transactions
Fixed Rate
Receiver                   -            -         -              -

Fixed Rate Payer
Fixed Rate Receiver     51,000       45,000     1,454         1,454
Floating Rate Payer
Floating Rate           12,000       12,000       (44)          (44)

Receiver
Floating Rate Payer

TOTAL                      -            -         -           1,409


                   FY1999 (As of March 31, 1999) FY1999 interim (As of          
                                                September 30,1998               
    
                   Contract         Fair  Unrea  Contract       Fair   Unrea
                   Amount   Those   Value lized  Amount  Those  Value  lized
                   etc      over          Gain   etc     over          Gain or
                            1 year          or           1 yr          (Loss)
                                         (loss)
                                               
Swap Transactions
Fixed rate
Receiver
Fixed Rate Payer      -      -       -      -     2,500         (49)    (49)
Fixed Rate 
Receiver          34,000   31,000   1,250  1,250  9,000   6,000  271     271
Floating Rate payer
Floating Rate     22,000   22,000     (42)   (42)  22,00  22,00   (17)   (17)
Receiver
Floating Rate Payer                                  0      0
TOTAL                 -         -       -   1,208    -      -      -      204
    

(Note) Market prices for swap transactions are calculated based on
prices quoted by financial institutions.


: Unconsolidated Financial Results of FY 2000 Interim Compared with  
            Those of FY 1999 Interim

The FY2000 interim term involves two changes from FY1999 interim in the
accounting procedures: 1) changing where to indicate enterprise taxes, 2)
applying the method of tax effect accounting (Details are shown on Page 4 of
this Financial Summary). If the same procedures would have been applied to the
previous interim term (from April 1, 1998 to September 30, 1998), the results
would have looked like as follows:


                                UNCONSOLIDATED
                             STATEMENTS OF INCOME

                 (Billion yen; amounts less than 100 million yen are omitted)

                           FY2000 interim      FY1999 interim     Increase
                        (April 1999 through (April 1998 through  (Decrease)
                          September 1999)     September 1998)

Net sales                     3,570.1             3,763.1          (193)
Operating income                238.9               327.8         (88.9)
Ordinary income                 288.3               329.6         (41.3)
Income taxes-current            141.3               181.7         (40.4)
Income taxes-tax effect of      (26.6)              (37.9)         11.3
timing differences
Net income                      173.6               185.8         (12.2)


MORE TO FOLLOW

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