1st Quarter Results 4/6

Toyota Motor Corporation
04 August 2006



                               FINANCIAL SUMMARY

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)


                              FY2007 First Quarter
                     (April 1, 2006 through June 30, 2006)



        English translation from the original Japanese-language document








                            TOYOTA MOTOR CORPORATION


Note: This report contains summarized and condensed financial statements
prepared in accordance with accounting principles generally accepted in the
United States of America.




                               BUSINESS RESULTS

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)



1. Summary of Consolidated Financial Results for FY2007 First Quarter

Financial Results

      Consolidated vehicle sales in Japan and overseas increased by 143 thousand
units, or 7.3%, to 2,091 thousand units in FY2007 first quarter (the three-month
period from April 1, 2006 to June 30, 2006) compared with FY2006 first quarter
(the three-month period from April 1, 2005 to June 30, 2005).  While vehicle
sales in Japan decreased by 7 thousand units, or 1.3% in FY2007 first quarter
compared with FY2006 first quarter, it continues to maintain a high level of 543
thousand units, as a result of the sales efforts of dealers in Japan.
Meanwhile, overseas vehicle sales increased by 150 thousand units, or 10.7%, to
1,548 thousand units in FY2007 first quarter compared with FY2006 first quarter,
attributable to sales increased in North America, Europe, and other regions.

      As for the results of operations, net revenues increased by 656.4 billion
yen, or 13.2%, to 5,638.1 billion yen in FY2007 first quarter compared with
FY2006 first quarter, and operating income increased by 107.3 billion yen, or
26.5%, to 512.4 billion yen in FY2007 first quarter compared with FY2006 first
quarter.  Among the factors contributing to the increase in operating income
totaling 180.0 billion yen, were the effects of changes in exchange rates of
100.0 billion yen, marketing efforts of 60.0 billion yen and cost reduction
efforts of 20.0 billion yen.  On the other hand, factors resulting in the
decrease in operating income totaling 72.7 billion yen included an increase in
expenses.  Income before income taxes, minority interest and equity in earnings
of affiliated companies increased by 132.8 billion yen, or 31.5%, to 554.6
billion yen in FY2007 first quarter compared with FY2006 first quarter.  Net
income increased by 104.7 billion yen, or 39.2 %, to 371.5 billion yen in FY2007
first quarter compared with FY2006 first quarter.


   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)



2. Consolidated Financial Results for FY2007 First Quarter by Segment

(1) Segment Operating Results

Automotive:

Net revenues for the automotive operations increased by 567.0 billion yen, or
12.3%, to 5,187.6 billion yen in FY2007 first quarter compared with FY2006 first
quarter, and operating income increased by 92.6 billion yen, or 25.2%, to 459.4
billion yen in FY2007 first quarter compared with FY2006 first quarter.  The
increase in operating income was mainly due to the effects of changes in
exchange rates, increases in both production volume and vehicle units sold, and
cost reduction efforts, partially offset by an increase in expenses.

Financial services:

Net revenues for the financial services operations increased by 67.2 billion
yen, or 30.9%, to 284.6 billion yen in FY2007 first quarter compared with FY2006
first quarter, and operating income increased by 8.0 billion yen, or 19.9%, to
47.7 billion yen in FY2007 first quarter compared with FY2006 first quarter.
The increase in operating income was mainly due to the valuation gains on
interest rate swaps stated at fair value by a sales finance subsidiary in the
United States of America in accordance with the Statement of Financial
Accounting Standards (FAS) No.133 (as amended by several guidance including FAS
No.138).

All other:

Net revenues for all other businesses increased by 60.6 billion yen, or 25.8%,
to 295.0 billion yen in FY2007 first quarter compared with FY2006 first quarter,
and operating income increased by 3.7 billion yen, or 257.8%, to 5.2 billion yen
in FY2007 first quarter compared with FY2006 first quarter.

(2) Geographic Information

Japan:

Net revenues in Japan increased by 430.3 billion yen, or 14.4%, to 3,422.3
billion yen in FY2007 first quarter compared with FY2006 first quarter, and
operating income increased by 104.6 billion yen, or 55.5%, to 293.0 billion yen
in FY2007 first quarter compared with FY2006 first quarter.  The increase in
operating income was mainly due to the effects of changes in exchange rates, an
increase in production volume, and cost reduction efforts, partially offset by
an increase in expenses.

North America:

Net revenues in North America increased by 345.9 billion yen, or 18.8%, to
2,181.6 billion yen in FY2007 first quarter compared with FY2006 first quarter,
and operating income increased by 2.3 billion yen, or 1.7%, to 140.1 billion yen
in FY2007 first quarter compared with FY2006 first quarter.  The increase in
operating income was mainly due to an increase in vehicle units sold and the
valuation gains on interest rate swaps stated at fair value by a sales finance
subsidiary in the United States of America in accordance with the Statement of
Financial Accounting Standards (FAS) No.133 (as amended by several guidance
including FAS No.138).

Europe:

Net revenues in Europe increased by 159.2 billion yen, or 23.6%, to 832.3
billion yen in FY2007 first quarter compared with FY2006 first quarter, and
operating income increased by 19.8 billion yen, or 118.0%, to 36.5 billion yen
in FY2007 first quarter compared with FY2006 first quarter.  The increase in
operating income was mainly due to increases in both production volume and
vehicle units sold.

Asia:

Net revenues in Asia decreased by 22.5 billion yen, or 4.4%, to 484.6 billion
yen in FY2007 first quarter compared with FY2006 first quarter, and operating
income decreased by 9.8 billion yen, or 24.6%, to 30.0 billion yen in FY2007
first quarter compared with FY2006 first quarter.  The decrease in operating
income was mainly due to decreases in both production volume and vehicle units
sold.

Other:

Net revenues in other regions increased by 89.7 billion yen, or 24.7%, to 453.1
billion yen in FY2007 first quarter compared with FY2006 first quarter, while
operating income decreased by 1.1 billion yen, or 6.3%, to 15.9 billion yen in
FY2007 first quarter compared with FY2006 first quarter.  The decrease in
operating income was mainly due to an increase in expenses, partially offset by
an increase in vehicle units sold.






                       CONSOLIDATED PRODUCTION AND SALES

(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)

1. Production
                                                                                                              (Units)
                                               FY2007 first quarter     FY2006 first quarter          Increase
                                               (April 2006 through      (April 2005 through          (Decrease)
                                                    June 2006)               June 2005)
Vehicles  Japan                                        1,231,097                1,123,328                 107,769
(new)       North America                                313,451                  319,691                 (6,240)
            Europe                                       186,998                  157,372                  29,626
            Asia                                         184,284                  204,766                (20,482)
            Other                                         84,659                   86,938                 (2,279)
            Overseas total                               769,392                  768,767                     625
          Total                                        2,000,489                1,892,095                 108,394
Houses (Japan)                                             1,125                    1,036                      89

Note:   The total production of vehicles (new) includes 201,943 units of
Daihatsu brand vehicles (including OEM production) in FY2007 first quarter and
189,286 units in FY2006 first quarter, and 25,333 units of Hino brand vehicles
in FY2007 first quarter and 23,322 units in FY2006 first quarter.


2. Sales (by destination)
                                                                                                              (Units)
                                               FY2007 first quarter     FY2006 first quarter          Increase
                                               (April 2006 through      (April 2005 through          (Decrease)
                                                    June 2006)               June 2005)
Vehicles  Japan                                          543,228                  550,347                 (7,119)
(new)       North America                                747,330                  641,248                 106,082
            Europe                                       307,382                  256,143                  51,239
            Asia                                         192,632                  228,513                (35,881)
            Other                                        300,485                  272,605                  27,880
            Overseas total                             1,547,829                1,398,509                 149,320
          Total                                        2,091,057                1,948,856                 142,201
Houses (Japan)                                             1,001                      919                      82

Note:   The total sales of vehicles (new) include 177,873 units of Daihatsu
brand vehicles in FY2007 first quarter and 174,116 units in FY2006 first quarter
and 23,585 units of Hino brand vehicles in FY2007 first quarter and 22,304 units
in FY2006 first quarter.





                       CONSOLIDATED STATEMENTS OF INCOME

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)


                                                                       (Amounts are rounded to the nearest million yen)
                                               FY2007 first quarter    FY2006 first quarter          Increase
                                                (April 2006 through     (April 2005 through         (Decrease)
                                                    June 2006)              June 2005)

Net revenues :                                         5,638,112               4,981,785                 656,327
Sales of products                                      5,358,698               4,768,971                 589,727
Financing operations                                     279,414                 212,814                  66,600
Costs and expenses :                                   5,125,693               4,576,657                 549,036
Cost of products sold                                  4,356,552               3,878,087                 478,465
Cost of financing operations                             181,255                 127,985                  53,270
Selling, general and administrative                      587,886                 570,585                  17,301
Operating income                                         512,419                 405,128                 107,291
Other income (expense) :                                  42,229                  16,732                  25,497
Interest and dividend income                              31,714                  24,355                   7,359
Interest expense                                         (9,435)                 (4,129)                 (5,306)
Other, net                                                19,950                 (3,494)                  23,444
Income before income taxes, minority                     554,648                 421,860                 132,788
interest and equity in earnings of
affiliated companies
Provision for income taxes                               230,395                 174,968                  55,427
Income before minority interest and                      324,253                 246,892                  77,361
equity in earnings of affiliated
companies
Minority interest in consolidated                        (8,988)                (15,617)                   6,629
subsidiaries
Equity in earnings of affiliated                          56,239                  35,624                  20,615
companies
Net income                                               371,504                 266,899                 104,605


                                                                                                                  (Yen)
Net income per share - Basic                               115.21                   81.80                   33.41
Net income per share - Diluted                             115.16                   81.79                   33.37






                          CONSOLIDATED BALANCE SHEETS

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)

                                                                       (Amounts are rounded to the nearest million yen)
                                              FY2007 first quarter            FY2006                 Increase
                                              (As of June 30, 2006)   (As of March 31, 2006)        (Decrease)
                Assets
Current assets :                                     10,539,098               10,735,222               (196,124)
Cash and cash equivalents                             1,400,074                1,569,387               (169,313)
Time deposits                                            46,682                   50,349                 (3,667)
Marketable securities                                   614,985                  634,879                (19,894)
Trade accounts and notes receivable,                  1,699,145                1,980,680               (281,535)
less allowance for doubtful accounts
Finance receivables, net                              3,594,910                3,497,319                  97,591
Other receivables                                       457,894                  416,336                  41,558
Inventories                                           1,642,730                1,620,975                  21,755
Deferred income taxes                                   520,658                  520,494                     164
Prepaid expenses and other current                      562,020                  444,803                 117,217
assets
Noncurrent finance receivables, net                   4,903,260                4,830,216                  73,044
Investments and other assets                          6,034,971                6,099,529                (64,558)
Property, plant and equipment :                       7,266,019                7,066,628                 199,391
Land                                                  1,216,002                1,215,897                     105
Buildings                                             3,191,888                3,156,613                  35,275
Machinery and equipment                               8,486,782                8,482,832                   3,950
Vehicles and equipment on operating                   2,773,733                2,605,426                 168,307
leases
Construction in progress                                472,110                  397,076                  75,034
Less - Accumulated depreciation                     (8,874,496)              (8,791,216)                (83,280)
             Total assets                            28,743,348               28,731,595                  11,753



   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)


                                                                       (Amounts are rounded to the nearest million yen)
                                              FY2007 first quarter            FY2006                 Increase
                                              (As of June 30, 2006)   (As of March 31, 2006)        (Decrease)
              Liabilities
Current liabilities :                                 9,959,301               10,028,735                (69,434)
Short-term borrowings                                 3,017,617                3,033,019                (15,402)
Current portion of long-term debt                     1,848,698                1,723,888                 124,810
Accounts payable                                      1,923,886                2,086,587               (162,701)
Other payables                                          672,166                  730,184                (58,018)
Accrued expenses                                      1,525,532                1,464,263                  61,269
Income taxes payable                                    242,842                  347,488               (104,646)
Other current liabilities                               728,560                  643,306                  85,254
Long-term liabilities :                               7,749,545                7,552,831                 196,714
Long-term debt                                        5,859,442                5,640,490                 218,952
Accrued pension and severance costs                     682,893                  679,918                   2,975
Deferred income taxes                                 1,068,772                1,092,995                (24,223)
Other long-term liabilities                             138,438                  139,428                   (990)
           Total liabilities                         17,708,846               17,581,566                 127,280

   Minority interest in consolidated                    581,610                  589,580                 (7,970)
             subsidiaries

         Shareholders' equity
Common stock                                            397,050                  397,050                       -
Additional paid-in capital                              495,226                  495,250                    (24)
Retained earnings                                    10,652,996               10,459,788                 193,208
Accumulated other comprehensive                         298,949                  437,316               (138,367)
lncome
Treasury stock, at cost                             (1,391,329)              (1,228,955)               (162,374)
      Total shareholders' equity                     10,452,892               10,560,449               (107,557)
Total liabilities and shareholders'                  28,743,348               28,731,595                  11,753
equity








                              SEGMENT INFORMATION

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)


1. Segment Operating Results

(1) FY2007 first quarter (April 2006 through June 2006)

                                                                       (Amounts are rounded to the nearest million yen)
                                 Automotive         Financial        All Other       Intersegment      Consolidated
                                                    Services                          Elimination
Net revenues :
(1)   Sales to external          5,184,673           279,414          174,025                 -         5,638,112
customers
(2)   Intersegment                   3,002             5,235          120,954         (129,191)                 -
sales and transfers
         Total                   5,187,675           284,649          294,979         (129,191)         5,638,112
Operating expenses               4,728,203           236,969          289,759         (129,238)         5,125,693
Operating income                   459,472            47,680            5,220                47           512,419



(2) FY2006 first quarter (April 2005 through June 2005)

                                                                       (Amounts are rounded to the nearest million yen)
                                 Automotive         Financial        All Other       Intersegment      Consolidated
                                                    Services                          Elimination
Net revenues :
(1)   Sales to external          4,616,974           212,814          151,997                 -         4,981,785
customers
(2)   Intersegment                   3,667             4,650           82,415          (90,732)                 -
sales and transfers
         Total                   4,620,641           217,464          234,412          (90,732)         4,981,785
Operating expenses               4,253,750           177,705          232,953          (87,751)         4,576,657
Operating income                   366,891            39,759            1,459           (2,981)           405,128


   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)


2. Geographic Information

(1) FY2007 first quarter (April 2006 through June 2006)

                                                                       (Amounts are rounded to the nearest million yen)
                             Japan       North      Europe       Asia        Other     Intersegment  Consolidated
                                        America                                        Elimination
Net revenues :
(1)   Sales to external     1,869,462   2,131,391     793,196     431,819     412,244              -     5,638,112
customers
(2)   Intersegment          1,552,825      50,209      39,103      52,807      40,861    (1,735,805)             -
sales and transfers
          Total             3,422,287   2,181,600     832,299     484,626     453,105    (1,735,805)     5,638,112
Operating expenses          3,129,316   2,041,471     795,785     454,601     437,180    (1,732,660)     5,125,693
Operating income              292,971     140,129      36,514      30,025      15,925        (3,145)       512,419



(2) FY2006 first quarter (April 2005 through June 2005)

                                                                       (Amounts are rounded to the nearest million yen)
                             Japan       North      Europe       Asia        Other     Intersegment  Consolidated
                                        America                                        Elimination
Net revenues :
(1)   Sales to external     1,747,969   1,791,770     641,724     464,659     335,663              -     4,981,785
customers
(2)   Intersegment          1,244,006      43,945      31,428      42,484      27,763    (1,389,626)             -
sales and transfers
          Total             2,991,975   1,835,715     673,152     507,143     363,426    (1,389,626)     4,981,785
Operating expenses          2,803,622   1,697,893     656,406     467,335     346,437    (1,395,036)     4,576,657
Operating income              188,353     137,822      16,746      39,808      16,989          5,410       405,128






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



UNCONSOLIDATED STATEMENTS OF INCOME

                                                            (Million yen; amounts less than one million yen are omitted)
                                                FY2007 first quarter    FY2006 first quarter          Increase
                                                 (April 2006 through     (April 2005 through         (Decrease)
                                                     June 2006)              June 2005)
Net sales                                               2,698,591               2,345,756                352,835
Gross profit                                              526,183                 421,035                105,148
Operating income                                          246,594                 143,326                103,268
Ordinary income                                           399,983                 217,903                182,080
Income before income taxes                                399,983                 217,903                182,080
Income taxes - current                                    134,100                  79,800                 54,300
Income taxes - deferred                                  (11,785)                (14,647)                  2,862
Net income                                                277,668                 152,750                124,918




UNCONSOLIDATED BALANCE SHEETS

                                                            (Million yen; amounts less than one million yen are omitted)
                                             FY2007 first quarter           FY2006                 Increase
                                             (As of June 30,2006)   (As of March 31,2006)         (Decrease)
                Assets
Current assets                                      3,421,474                3,795,723               (374,249)
        Cash, deposits and trade                    1,191,869                1,314,316               (122,447)
accounts receivable
        Marketable securities                         611,665                  922,033               (310,368)
        Others                                      1,617,938                1,559,373                  58,565
Fixed assets                                        6,104,004                6,113,286                 (9,282)
   Property, plant and equipment                    1,276,392                1,279,608                 (3,216)
        Buildings, machinery and                      688,176                  668,205                  19,971
equipment
        Others                                        588,216                  611,403                (23,187)
   Investments and other assets                     4,827,611                4,833,678                 (6,067)
        Investments in securities                   2,241,077                2,314,903                (73,826)
        Others                                      2,586,533                2,518,775                  67,758
                Total                               9,525,478                9,909,010               (383,532)

                                                 FY2007 first quarter         FY2006               Increase
                                                 (As of June 30,2006)      (As of March           (Decrease)
                                                                             31,2006)
                Liabilities
Current liabilities                                     2,139,296            2,379,900               (240,604)
Long-term liabilities                                     813,180              842,213                (29,033)
Total liabilities                                       2,952,477            3,222,114               (269,637)
                Net assets
Shareholders' equity                                    6,104,987                    -               6,104,987
Valuation and translation adjustments                     468,014                    -                 468,014
Total net assets                                        6,573,001                    -               6,573,001
           Shareholders' equity
Common stock                                                    -              397,049               (397,049)
Capital surplus                                                 -              416,970               (416,970)
Retained earnings                                               -            6,614,868             (6,614,868)
Net unrealized gains on other securities                        -              518,155               (518,155)
Less: treasury stock                                            -          (1,260,148)               1,260,148
Total shareholders' equity                                      -            6,686,895             (6,686,895)
                   Total                                9,525,478            9,909,010               (383,532)




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