Final Results - 2/7

Toyota Motor Corporation
08 May 2003


                                                                     May 8, 2003

                       Highlights of Consolidated Financial
                               Results for FY2003
                        (April 2002 through March 2003)

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

                                                                            (Billions of yen unless otherwise specified)
                                                                                                                    
                                    FY2002                        FY2003                        FY2004 Forecast       
                              (Apr. 2001 through       (Apr. 2002 through Mar. 2003)        (Apr. 2003 through Mar.   
                                  Mar. 2002)                                                         2004)            
                               % of change from                                                                       
                                   FY2002                                                                             
                                Japanese GAAP                   Japanese GAAP                 U.S. GAAP    Japanese GAAP
            
                                                                                                           
  Vehicle sales                     5,784                   6,246               8.0%            6,260          6,400  
  (Thousand units)                                                                                                    
  Net sales                        15,106.2                16,054.2             6.3%                                  
  Operating income                 1,123.4                 1,363.6              21.4%                                 
                      <7.4%>                  <8.5%>                                                    
  Ordinary income                  1,113.5                 1,414.0              27.0%                                 
                      <7.4%>                  <8.8%>                                                    
  Income before income             1,113.5                 1,649.3              48.1%                                 
  taxes and minority                <7.4%>                 <10.3%>                                                    
  interest in consolidated                                                                                            
  subsidiaries                                                                                                        
                                                                                                        
  Net income                        615.8                   944.6               53.4%                                 
                      <4.1%>                  <5.9%>                                                    
  Factors contributing to                           Operating income increased by 240.2                               
  increases and decreases                                       billion yen                                           
  in operating income                                                                                                 
  (Increase)                                                                                                   
  Cost reduction                    300.0                                                                             
  efforts                                                                                                     
  Marketing efforts                 90.0                                                                             
  Effects of changes in                                                                                             
  exchange rates                    60.0                                                                             
                                                                                                                      
  (Decrease)                                                                                                   
  Increases in R&D                                                                                                
  expenses and labor                                                                                               
  costs, etc.                      -209.8                                                                            
  Capital investment                940.3                          993.5                         870.0         910.0  
  (excluding leased                                                                                                   
  vehicles)                                                                                                           
  Depreciation expenses             699.2                          738.1                         730.0          770.0 
  R&D expenses                      592.5                          671.6                         690.0          690.0 
  Performance evaluation                                  Increases in sales and                                      
                                                             ordinary income                                          
                                                       Net sales, operating income,                                   
                                                      ordinary income, income before                                  
                                                    income taxes and minority interest                                
                                                   in consolidated subsidiaries and net                               
                                                    income all reached historic highs.                                
  Number of employees              246,702                        264,096                                         



Note 1:   Effective FY2004, Toyota has decided to only prepare consolidated 
          financial statements in accordance with accounting principles 
          generally accepted in the United States.

Note 2:   The FY2002 accounting period for TMC's consolidated subsidiaries in 
          Europe and other regions, with certain exceptions, covered 15 months 
          due to changes in their fiscal year-end dates.  The 12-month figures 
          for FY2002 obtained by multiplying the 15-month figures by 12/15 show 
          that 'Vehicle sales', 'Capital investment' and 'Depreciation 
          expenses' are 5,542 thousand units, 908.8 billion yen and 680.7 
          billion yen, respectively.


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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