Final Results - 3/7

Toyota Motor Corporation
08 May 2003

May 8, 2003

Highlights of Unconsolidated 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        (Apr.2002 through Mar. 2003)             (Apr.2003 through Mar. 2004)
                            through        FY2003                                  FY2004
                          Mar. 2002)    semi-annual                             semi-annual
                                         (Apr. 2002                              (Apr. 2003
                                        through Sep.                            through Sep.
                                           2002)                                   2003)
                                                                   % of change                             % of change
                                                                   from FY2002                             from FY2003

Domestic vehicle                 3,364          1,676        3,513        4.5%          1,660        3,330       - 5.2%
production
(Thousand units)

Overseas vehicle                 1,833          1,093        2,215       20.8%          1,250        2,450        10.6%
production
(Thousand units)

Domestic vehicle sales           1,720            800        1,724        0.2%            840        1,750         1.5%
(Thousand units)

Exports                          1,708            891        1,835        7.5%            850        1,650      - 10.1%
(Thousand units)

Houses                           3,095          1,470        3,577       15.6%          1,700        3,600         0.6%
(Units)

Net sales                      8,284.9        4,204.7      8,739.3        5.5%        4,100.0      8,300.0       - 5.0%
Domestic                       3,544.3        1,607.3      3,438.4      - 3.0%
Export                         4,740.6        2,597.4      5,300.8       11.8%

Operating income                 748.9          471.3        861.3       15.0%          300.0        620.0      - 28.0%
                  <9.0%>        <11.2%>       <9.9%>                     <7.3%>       <7.5%>

Ordinary income                  768.9          481.7        892.6       16.1%          330.0        670.0      - 24.9%
                  <9.3%>        <11.5%>      <10.2%>                     <8.0%>       <8.1%>

Income before income taxes       768.9          644.2      1,055.1       37.2%          330.0        670.0      - 36.5%
                  <9.3%>        <15.3%>      <12.1%>                     <8.0%>       <8.1%>

Net income                       470.2          382.2        634.0       34.8%          210.0        440.0      - 30.6%
                  <5.7%>         <9.1%>       <7.3%>                     <5.1%>       <5.3%>

Factors contributing to                Operating income increased by 112.4     Operating income is expected to decrease
increases and decreases                billion yen.                            by 241.3 billion yen.
in operating income                    (Increase)                              (Decrease)

                                       Cost reduction efforts            220.0 Effects of changes in            - 160.0
                                                                               exchange rates
                                       Effects of changes in              70.0                                  
                                       exchange rates                          Marketing activities             - 140.0
                                                                                                                 
                                                                               Increases in R&D expenses,       - 81.3
                                                                               etc.
                                       (Decrease)
                                                                        
                                       Marketing activities             - 90.0
                                                                        
                                       Increases in R&D expenses,       - 87.6 (Increase)                         140.0
                                       etc.                                    Cost reduction efforts

Exchange rates            JPY125/US$     JPY123/US$          JPY122/US$          JPY115/US$          JPY115/US$
                          JPY110/Euro   JPY117/Euro         JPY121/Euro         JPY125/Euro          JPY125/Euro
Capital investment               257.9          111.6       269.3                       130.0                 300.0
Depreciation expenses            254.7          130.5       257.1                       130.0                 260.0
R&D expenses                     527.3          251.3       581.2                       280.0                 600.0
Interest-bearing debt            514.7          550.6       568.6
Performance evaluation                                 Increases in sales and
                                                          ordinary income
Number of employees             66,820         66,874          65,551





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.


                      This information is provided by RNS
            The company news service from the London Stock Exchange                  FZM