Final Results 2

Toyota Motor Corporation
11 May 2004

                    FY2004 Unconsolidated Financial Results

                     (April 1, 2003 through March 31, 2004)

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

        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
Provision for interim cash dividends               : Provision exists.
Date of the ordinary general meeting of            : Wednesday, June 23, 2004
shareholders
Number of shares in unit share system              : 100 shares



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



(1) Unconsolidated financial results
       (Amounts less than one million yen are omitted)

                         Net sales                   Operating income                 Ordinary income
                       Million yen          %          Million yen          %            Million yen         %
FY2004                   8,963,712      (2.6)              833,791    (- 3.2)                915,728    ( 2.6)
FY2003                   8,739,310      (5.5)              861,323     (15.0)                892,676    (16.1)


                      Net income            Net income    Net income     Return on     Ratio of      Ratio of
                                             per share     per share       equity      ordinary      ordinary
                                                                                       income to   income to net
                                              - basic      - diluted                 total assets      sales
                    Million yen          %           Yen           Yen            %             %             %
FY2004                  581,470    (- 8.3)        171.08        171.06          9.9          10.5          10.2
FY2003                  634,059     (34.8)        178.12        178.12         11.2          10.5          10.2

Note 1: Average number of shares issued and outstanding in each year: FY2004
3,394,992,707 shares, FY2003  3,555,613,073 shares

Note 2: Regarding net sales, operating income, ordinary income and net income,
the figures in parentheses show percentage of changes from the previous year.



(2) Cash dividends
                Annual cash dividends per share     Total amount of     Dividends payout   Ratio of total amount
                                                      annual cash             ratio           of dividends to
                                                       dividends                           shareholders' equity
                            Interim    Year-end
                      Yen         Yen         Yen          Million yen                   %                     %
FY2004              45.00       20.00       25.00              151,246                26.0                   2.5
FY2003              36.00       16.00       20.00              125,833                19.8                   2.2



(3) Unconsolidated financial position
                   Total assets         Shareholders' equity    Ratio of shareholders'  Shareholders' equity per
                                                                        equity                   share
                          Million yen              Million yen                        %                      Yen
FY2004                      8,817,164                5,984,675                     67.9                 1,796.75
FY2003                      8,592,823                5,703,321                     66.4                 1,652.15

Note 1: Number of shares issued and outstanding at the end of each year : FY2004
  3,330,470,317 shares, FY2003  3,451,617,645 shares

Note 2: Number of treasury stock at the end of each year : FY2004  279,527,175
shares, FY 2003  158,379,847 shares


                    FY2004 Unconsolidated Financial Results

                     (April 1, 2003 through March 31, 2004)

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

        English translation from the original Japanese-language document



2. Estimate of unconsolidated results of FY2005 (April 1, 2004 through March 31,
2005)
                                              Net sales             Ordinary income             Net income
                                                  Million yen              Million yen              Million yen
FY2005 semi-annual (for six-month                   4,400,000                  370,000                  220,000
period ending September 30, 2004)

FY2005                                              9,000,000                  830,000                  520,000



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 in the markets in which Toyota operates, particularly laws,
regulations and policies relating to trade restrictions 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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