3rd Quarter Results 4/5

Toyota Motor Corporation
05 February 2003


                               FINANCIAL SUMMARY

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

                              FY2003 Third Quarter
                  (October 1, 2002 through December 31, 2002)


        English translation from the original Japanese-language document

 
                          TOYOTA MOTOR CORPORATION

                              BUSINESS RESULTS

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


1. Summary of Consolidated Financial Results of FY2003 Third Quarter


  Financial Results

Domestic vehicle sales increased by 39 thousand units, or 7.8%, to 545 thousand
units in FY2003 third quarter (the three-month period from October 1, 2002 to
December 31, 2002) compared with FY2002 third quarter, as a result of the active
introduction of new products that met customer needs and the strong sales
efforts of domestic dealers.  Toyota's market share (excluding minivehicles)
achieved 43.6% in FY2003 third quarter, continuing to exceed 40.0% as in the
previous year.  Including minivehicles, the market share was 39.7% in FY2003
third quarter.  Meanwhile, overseas vehicle sales increased by 177 thousand
units, or 20.6%, to 1.034 million units in FY2003 third quarter compared with
FY2002 third quarter, mainly due to the introduction of new products that met
local customer needs worldwide.  As a result, total vehicle sales in Japan and
overseas increased by 216 thousand units, or 15.9%, to 1.579 million units in
FY2003 third quarter compared with FY2002 third quarter.

Net sales increased by 488.9 billion yen, or 13.2%, to 4,186.7 billion yen in
FY2003 third quarter compared with FY2002 third quarter, and operating income
increased by 71.7 billion yen, or 23.3%, to 379.4 billion yen in FY2003 third
quarter compared with FY2002 third quarter.  Among the factors contributing to
the increase in operating income, cost reduction efforts accounted for 70.0
billion yen, the marketing efforts accounted for 60.0 billion yen and the effect
of changes in exchange rates accounted for 20.0 billion yen, for a total of
150.0 billion yen.  On the other hand, the factors contributing to the decrease
in operating income of 78.3 billion yen included increases in depreciation
expenses and labor costs.  Ordinary income increased by 137.4 billion yen, or
59.0%, to 370.2 billion yen in FY2003 third quarter compared with FY2002 third
quarter.  Net income increased by 104.6 billion yen, or 93.9%, to 216.0 billion
yen in FY2003 third quarter compared with FY2002 third quarter.

In conjunction with enforcement of the Defined Benefit Enterprise Pension Plan
Law, Toyota Motor Corporation ('TMC') and some of its domestic consolidated
subsidiaries and domestic affiliates accounted for under the equity method
received approval from the Minister of Health, Labour and Welfare, for exemption
from payment of future benefits regarding the substituted portion of the
employee pension fund.

TMC and these subsidiaries and affiliates applied the transitional accounting
treatment specified in paragraph 47-2 of the 'Practical Guidelines of Accounting
for Retirement Benefits (Interim Report)', and recognized an extinguishment of
retirement benefit obligations with respect to such substituted portion as of
the date of the approval.

As a result, TMC has recorded a 10.9 billion yen impact on profit during FY2003
third quarter. TMC has accounted for 0.5 billion yen (representing TMC's portion
of the impact recorded by an affiliate) as 'Equity in earnings of affiliates' in
non-operating income and 10.4 billion yen (the impact recorded by a subsidiary)
as 'Gains on return of substituted portion of employee pension fund' in
extraordinary gains.

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


2. Consolidated Financial Results of FY2003 Third Quarter by Segment


(1) Business Segment



Automotive:

Net sales of the automotive segment increased by 466.2 billion yen, or 13.7%, to
3,870.6 billion yen in FY2003 third quarter compared with FY2002 third quarter,
and operating income increased by 66.4 billion yen, or 23.2%, to 352.0 billion
yen in FY2003 third quarter compared with FY2002 third quarter.  The increase in
operating income was mainly due to cost reduction efforts made by TMC and its
subsidiaries as well as an increase in vehicle units sold in North America and
Asia, partially offset by increases in depreciation expenses, labor costs and
other expenses.



Financial services:

Net sales of the financial services segment increased by 20.3 billion yen, or
12.1%, to 188.6 billion yen in FY2003 third quarter compared with FY2002 third
quarter, and operating income decreased by 6.6 billion yen, or 21.3%, to 24.3
billion yen in FY2003 third quarter compared with FY2002 third quarter.  The
decrease in operating income was mainly due to a decrease in the valuation gains
on interest rate swaps, recorded by sales financing subsidiaries in the United
States in accordance with the Statement of Financial Accounting Standards No.133
and No.138, despite solid performance mainly due to an increase in finance
receivables.  The valuation gains on interest rate swaps decreased by 8.1
billion yen to 2.1 billion yen in FY2003 third quarter compared with FY2002
third quarter.



All other:

In FY2003 third quarter, net sales of all other segments increased by 18.6
billion yen, or 10.4%, to 197.3 billion yen compared with FY2002 third quarter,
and operating income increased by 6.6 billion yen to 4.8 billion yen compared
with FY2002 third quarter.



(2) Geographical Segment



Japan:

Net sales in Japan increased by 314.7 billion yen, or 12.0%, to 2,929.2 billion
yen in FY2003 third quarter compared with FY2002 third quarter, and operating
income increased by 56.5 billion yen, or 25.6%, to 277.4 billion yen in FY2003
third quarter compared with FY2002 third quarter.  The increase in operating
income was mainly due to cost reduction efforts made by TMC and its subsidiaries
as well as an increase in vehicle units sold overseas, partially offset by
depreciation and R&D expenses.



North America:

Net sales in North America increased by 98.0 billion yen, or 6.4%, to 1,633.7
billion yen in FY2003 third quarter compared with FY2002 third quarter, and
operating income decreased by 2.4 billion yen, or 2.6%, to 89.1 billion yen in
FY2003 third quarter compared with FY2002 third quarter.  The decrease in
operating income was mainly due to a decrease in the valuation gains on interest
rate swaps, recorded by sales financing subsidiaries in the United States,
despite solid performance in North America mainly due to local cost reduction
efforts, as well as increases in both local production volume and vehicle units
sold.



Europe:

Net sales in Europe increased by 97.0 billion yen, or 31.4%, to 405.8 billion
yen in FY2003 third quarter compared with FY2002 third quarter, and operating
income increased by 1.9 billion yen to 0.2 billion yen in FY2003 third quarter
compared with FY2002 third quarter.  The increase in operating income was mainly
due to increases in local production volume in France and the United Kingdom and
in vehicle units sold.



Other:

Net sales in other regions increased by 186.4 billion yen, or 61.9%, to 487.5
billion yen in FY2003 third quarter compared with FY2002 third quarter, and
operating income increased by 8.9 billion yen, or 119.3%, to 16.3 billion yen in
FY2003 third quarter compared with FY2002 third quarter.  The increase in
operating income was primarily due to an increase in vehicle units sold mainly
in Asia.



                               CONSOLIDATED SALES

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

Sales (by destination)

                                                                         (Units)
                                         FY2003 third quarter  FY2002 third quarter               Increase
                                         (October 2002 through (October 2001 through            (Decrease)
                                            December 2002)        December 2001)

Vehicles    Japan                                      544,782               505,582                39,200
(new)       North America                              533,311               461,514                71,797
            Europe                                     169,799               154,492                15,307
            Others                                     331,572               241,734                89,838
            Overseas total                           1,034,682               857,740               176,942

          Total                                      1,579,464             1,363,322               216,142

Houses (Japan)                                             839                   611                   228

Note:   The total sales of vehicles (new) includes Daihatsu brand vehicles of
156,444 units in FY2003 third quarter and 128,563 units in FY2002 third quarter,
and Hino brand vehicles of 13,632 units in FY2003 third quarter and 12,048 units
in FY2002 third quarter.


                       CONSOLIDATED STATEMENTS OF INCOME

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


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

                                                                  FY2003 third       FY2002 third             Increase
                                                                    quarter            quarter              (Decrease)
                                                                 (October 2002      (October 2001
                                                                through December   through December
                                                                     2002)              2001)
Net sales                                                               4,186,777          3,697,897            488,880

Cost of sales                                                           3,170,773          2,768,935            401,838

Selling, general and administrative expenses                              636,567            621,179             15,388

       Operating income                                                   379,436            307,783             71,653

Non-operating income                                                       69,862             57,196             12,666

         Interest income                                                    9,237             11,555            (2,318)

         Dividend income                                                    2,794              1,138              1,656

         Equity in earnings of affiliates                                  16,560                  -             16,560

         Other non-operating income                                        41,270             44,502            (3,232)

Non-operating expenses                                                     79,030            132,106           (53,076)

         Interest expenses                                                  6,901              7,999            (1,098)

Equity in losses of affiliates                                                  -             10,319           (10,319)

         Other non-operating expenses                                      72,128            113,787           (41,659)

        Ordinary income                                                   370,268            232,873            137,395

Extraordinary gains                                                        10,370                  -             10,370

         Gains on return of substituted portion of employee                10,370                  -             10,370
         pension fund

       Income before income taxes and minority interest in                380,638            232,873            147,765
       consolidated subsidiaries

Income taxes                                                              157,398            116,124             41,274

Minority interest in consolidated subsidiaries                              7,142              5,276              1,866

       Net income                                                         216,097            111,472            104,625



                          CONSOLIDATED BALANCE SHEETS

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


                                                      (Million yen; amounts less than one million yen are omitted.)
                                          FY2003 third quarter            FY2002                      Increase
                                          (As of December 31,     (As of March 31, 2002)            (Decrease)
                                                 2002)

Assets

Current assets                                        10,584,882               10,410,966              173,916

   Cash and deposits                                     750,566                  707,233               43,333

   Trade notes and accounts receivable                 1,339,274                1,561,623            (222,349)

   Marketable securities                               1,560,966                1,605,460             (44,494)

   Inventories                                         1,042,173                1,022,718               19,455

   Installment credit from dealers                     3,343,766                3,334,357                9,409

   Short-term loans                                    1,479,316                1,192,054              287,262

   Deferred income taxes                                 384,300                  379,668                4,632

   Other current assets                                  808,549                  718,693               89,856

   Less: allowance for doubtful                        (124,031)                (110,843)             (13,188)
   accounts

Fixed assets                                           9,474,062                9,477,970              (3,908)

   Property, plant and equipment                       5,366,227                5,437,777             (71,550)

   Buildings and structures                            1,223,408                1,230,871              (7,463)

   Machinery and equipment                             1,151,123                1,179,305             (28,182)

   Vehicles and delivery equipment                     1,220,841                1,269,275             (48,434)

   Land                                                1,095,700                1,070,869               24,831

   Construction in progress                              256,881                  270,497             (13,616)

   Other property, plant and equipment                   418,271                  416,958                1,313

   Intangible fixed assets                                 5,086                    4,328                  758

   Investments and other assets                        4,102,747                4,035,865               66,882

   Investments in securities                           2,642,615                2,642,122                  493

   Long-term loans                                       721,259                  796,349             (75,090)

   Deferred income taxes                                 404,127                  465,193             (61,066)

   Other investments and other assets                    357,490                  159,450              198,040

   Less: allowance for doubtful                         (22,746)                 (27,251)                4,505
   accounts

             Total assets                             20,058,944               19,888,937              170,007



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

                                                      (Million yen; amounts less than one million yen are omitted.)
                                          FY2003 third quarter            FY2002                     Increase
                                          (As of December 31,     (As of March 31, 2002)           (Decrease)
                                                 2002)

Liabilities

Current liabilities                                    7,011,680                7,183,071            (171,391)

    Trade notes and accounts payable                   1,363,157                1,483,170            (120,013)

    Current portion of bonds                           1,005,348                1,020,930             (15,582)

    Short-term borrowings                                998,473                1,104,365            (105,892)

    Commercial papers                                  1,224,852                  952,553              272,299

    Accrued expenses and other accounts                1,335,643                1,433,216             (97,573)
    payable

    Income taxes payable                                 222,673                  339,304            (116,631)

    Deferred income taxes                                    887                    1,769                (882)

    Other current liabilities                            860,644                  847,761               12,883

Long-term liabilities                                  5,065,923                4,916,572              149,351

    Bonds                                              3,365,279                3,132,372              232,907

    Convertible debentures                                     -                   13,308             (13,308)

    Long-term borrowings                                 541,842                  481,007               60,835

    Deferred income taxes                                380,864                  398,273             (17,409)

    Allowance for retirement benefits                    667,527                  769,714            (102,187)

    Other long-term liabilities                          110,408                  121,897             (11,489)

Total liabilities                                     12,077,603               12,099,644             (22,041)


          Minority interest in                           471,316                  464,220                7,096
          consolidated subsidiaries

Shareholders' equity

Common stock                                             397,049                  397,049                    -

Capital reserve                                                -                  415,150            (415,150)

Capital surplus                                          417,976                        -              417,976

Consolidated earned surplus                                    -                6,527,956          (6,527,956)

Retained earnings                                      7,043,890                        -            7,043,890

Net unrealized gains on other                            105,541                  152,809             (47,268)
securities

Translation adjustments                                (109,188)                   22,855            (132,043)

Less: treasury stock                                   (345,246)                (157,766)            (187,480)

Less: common stock of the Parent held                          -                 (32,983)               32,983
by consolidated subsidiaries

    Total shareholders' equity                         7,510,024                7,325,072              184,952

  Total liabilities and shareholders'                 20,058,944               19,888,937              170,007
  equity

Note:   The 'Accounting Standard for Treasury Stock and Reversal of Legal
Reserves' has been applied from FY2003.


                              SEGMENT INFORMATION

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


1.  Business Segment Information


(1) FY2003 third quarter (October 2002 through December 2002)

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

                         Automotive      Financial      All other        Total       Elimination    Consolidated
                                         services
Net sales

(1)  Sales to external      3,864,440         185,880        136,456      4,186,777              -      4,186,777
     customers

(2)  Inter-segment              6,220           2,763         60,925         69,909       (69,909)              -
     sales and
     transfers

Total                       3,870,661         188,644        197,382      4,256,687       (69,909)      4,186,777

Operating expenses          3,518,638         164,316        192,574      3,875,529       (68,188)      3,807,341

Operating income              352,022          24,327          4,807        381,157        (1,721)        379,436



(2) FY2002 third quarter (October 2001 through December 2001)

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

                         Automotive      Financial      All other        Total       Elimination    Consolidated
                                         services
Net sales

(1)  Sales to external      3,394,471         163,734        139,691      3,697,897              -       3,697,897
     customers

(2)  Inter-segment              9,984           4,585         39,049         53,620       (53,620)               -
     sales and
     transfers

Total                       3,404,456         168,320        178,741      3,751,517       (53,620)       3,697,897

Operating expenses          3,118,793         137,405        180,569      3,436,769       (46,654)       3,390,114

Operating income              285,662          30,914        (1,828)        314,748        (6,965)         307,783


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


2.  Geographical Segment Information


(1) FY2003 third quarter (October 2002 through December 2002)

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

                  Japan     North America    Europe       Other         Total      Elimination   Consolidated
Net sales

(1) Sales to      1,788,848     1,557,624      386,831      453,473     4,186,777             -      4,186,777
    external
    customers

(2) Inter-        1,140,429        76,104       19,053       34,102     1,269,690   (1,269,690)              -
    segment
    sales and
    transfers

Total             2,929,277     1,633,728      405,885      487,576     5,456,468   (1,269,690)      4,186,777

Operating         2,651,792     1,544,555      405,638      471,242     5,073,229   (1,265,887)      3,807,341
expenses

Operating           277,485        89,173          246       16,333       383,239       (3,802)        379,436
income



(2) FY2002 third quarter (October 2001 through December 2001)

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

                  Japan     North America    Europe       Other         Total      Elimination   Consolidated

Net sales

(1) Sales to      1,624,285     1,491,229      305,481      276,901     3,697,897             -      3,697,897
    external
    customers

(2) Inter-          990,261        44,542        3,365       24,275     1,062,445   (1,062,445)              -
    segment
    sales and
    transfers

Total             2,614,546     1,535,772      308,847      301,176     4,760,342   (1,062,445)      3,697,897

Operating         2,393,589     1,444,244      310,578      293,728     4,442,140   (1,052,025)      3,390,114
expenses

Operating           220,956        91,528      (1,731)        7,448       318,202      (10,419)        307,783
income


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