Final Results 1

Toyota Motor Corporation
11 May 2004


                     FY2004 Consolidated Financial Results
                     (April 1, 2003 through March 31, 2004)

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

        English translation from the original Japanese-language document



                                                                    May 11, 2004

Company name                                           : Toyota Motor Corporation

Stock exchanges on which the shares are listed         : Tokyo, Nagoya, Osaka, Fukuoka and Sapporo
                                                         Stock Exchanges in Japan

Code number                                            : 7203

Location of the head office                            : Aichi Prefecture

URL                                                    : http://www.toyota.co.jp

Representative                                         : Fujio Cho, President

Contact person                                         : Takahiko Ijichi, General Manager, Accounting Division
                                                       Tel. [phone]
Date of the meeting of the Board of Directors for      : Tuesday, May 11, 2004
FY2004 financial results

Whether or not to be prepared in accordance with       : Yes
accounting principles generally accepted in the United
States of America



Results of FY2004  (April 1, 2003 through March 31, 2004)


(1) Consolidated financial results

                (Amounts are rounded to the nearest million yen)

                           Net revenues                  Operating income           Income before income taxes,
                                                                                  minority interest and equity in
                                                                                  earnings of affiliated companies
                           Million yen          %          Million yen          %           Million yen          %
FY2004                      17,294,760     <11.6>            1,666,890     <31.1>              1,765,793    <44.0>

FY2003                      15,501,553      <9.2>            1,271,646     <16.3>              1,226,652    <26.2>


                            Net income             Net income   Net income   Return on    Ratio of     Ratio of
                                                   per share    per share     equity       income       income
                                                    - basic     - diluted               before taxes before taxes
                                                                                          to total      to net
                                                                                           assets      revenues
                           Million yen          %          Yen          Yen           %            %            %

FY2004                       1,162,098     <54.8>       342.90       342.86        15.2          8.4         10.2

FY2003                         750,942     <34.9>       211.32       211.32        10.4          6.2          7.9

Note 1: Equity in earnings of affiliated companies: FY2004  120,295 million yen, FY2003  52,835 million yen.

Note 2: Average number of shares issued and outstanding in each year
(consolidated): FY2004  3,389,074,481 shares, FY2003  3,553,602,083 shares.

Note 3: Regarding net revenues, operating income, income before income taxes,
minority interest and equity in earnings of affiliated companies and net income,
the figures in parentheses show percentage of changes from the previous year.


(2) Consolidated financial position
                      Total assets         Shareholders' equity           Ratio of         Shareholders' equity per
                                                                                                    share
                                                                    shareholders' equity
                             Million yen              Million yen                        %                      Yen

FY2004                        22,040,228                8,178,567                     37.1                 2,456.08

FY2003                        20,152,974                7,121,000                     35.3                 2,063.43

Note:Number of shares issued and outstanding at the end of each year
(consolidated): FY2004  3,329,921,097 shares, FY2003  3,451,056,696 shares.



(3) Consolidated cash flows

                      From operating           From investing           From financing          Cash and cash
                        activities               activities               activities        equivalents at the end
                                                                                                 of the year
                              Million yen              Million yen              Million yen            Million yen

FY2004                          2,283,023              (2,312,784)                  242,223              1,729,776

FY2003                          2,085,047              (2,146,407)                   37,675              1,592,028


                     FY2004 Consolidated Financial Results
                     (April 1, 2003 through March 31, 2004)

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

        English translation from the original Japanese-language document


(4) Scope of consolidation and equity method


Number of consolidated subsidiaries                            554 companies

Number of affiliated companies                                 228 companies

Number of affiliated companies accounted for under the          53 companies
equity method



(5) Changes in scope of consolidation and equity method


Consolidated subsidiaries
(increase)                   75 companies Toyota Auto Body Co., Ltd., Kanto Auto Works, Ltd., P.T.Toyota
                                          Motor Manufacturing Indonesia, etc.

(decrease)                   21 companies T&K Autoparts Sdn. Bhd., Toyota Vista Shizuoka Co., Ltd., etc.

Affiliated companies accounted for under the equity method

(increase)                      1 company P.T. Toyota-Astra Motor

(decrease)                    6 companies Toyota Auto Body Co., Ltd., Kanto Auto Works, Ltd., P.T.Toyota
                                          Motor Manufacturing Indonesia, etc.



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 have
also been prepared in accordance with accounting principles generally accepted
in the United States of America.


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