3rd Quarter Results 2/4

Toyota Motor Corporation
05 February 2004

February 5, 2004

                  Highlights of Consolidated Financial Results

                           for FY2004 Third Quarter

                  (October 1, 2003 through December 31, 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 Third Quarter     FY2004 Third Quarter                        FY2004 Forecast
                                  (Oct. 2002 through       (Oct. 2003 through                     (Apr. 2003 through 
                                          Dec. 2002)                Dec. 2003)  % of change                Mar. 2004)
                                                                                from FY2003
                                                                                      Third
                                                                                    Quarter
Vehicle sales                                  1,544                    1,700        10.1%                   6,650
(Thousand units)
Net revenues                                 4,052.6                  4,386.0         8.2%
Operating income                               361.2                    401.6        11.2%
                                <8.9%>                   <9.2%>

Income before income taxes,                    300.1                    429.7        43.2%
minority interest and equity in
earnings of affiliated                        <7.4%>                   <9.8%>        
companies


Net income                                     179.3                    286.4        59.7%
                                <4.4%>                   <6.5%>

Factors contributing to                                  Operating income increased by
increases and decreases in                                     40.4 billion yen
operating income                                               
                                                     (Increase)
                                                     Marketing efforts               100.0
                                                     Cost reduction efforts           60.0

                                                     (Decrease)
                                                     Effects of changes in          - 80.0
                                                     exchange rates
                                                     Increases in labor             - 39.6
                                                     costs
                                                     and other expenses,
                                                     etc


Exchange rates                            JPY123/US$ JPY109/US$
                                         JPY123/Euro JPY130/Euro
Capital investment                             205.5 196.9                                                   950.0
(excluding leased vehicles)

Depreciation expenses                          178.0 180.5                                                   770.0
Performance evaluation                               Increases in revenues, operating
                                                     income, income before income taxes,
                                                     minority interest and equity in
                                                     earnings of affiliated companies, and
                                                     net income

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
third quarter stated herein 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.






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