Final Results 8

Toyota Motor Corporation
11 May 2004

     
                                                                   May 11, 2004


                    Highlights of Unconsolidated Financial
                               Results for FY2004
                     (April 1, 2003 through March 31, 2004)

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


                                                                    (Billions of yen unless otherwise specified)
     
                          FY2003                     FY2004                             FY2005 Forecast
                        (Apr. 2002        (Apr.2003 through Mar. 2004)           (Apr.2004 through Mar. 2005)
                         through      FY2004                                     FY2005
                        Mar. 2003)  semi-annual                                semi-annual               % of
                                    (Apr. 2003                    % of change  (Apr. 2004                change
                                      through                         from    through Sep.                from
                                    Sep. 2003)                       FY2003       2004)                  FY2004
                                                                                              

Domestic vehicle            3,513       1,682             3,558        1.3%         1,760      3,610       1.5%
production
(Thousand units)

Overseas vehicle            2,216       1,302             2,739       23.6%         1,520      3,050      11.4%
production
(Thousand units)

Domestic vehicle            1,724         830             1,765        2.4%           840      1,790       1.4%
sales
(Thousand units)

Exports                     1,835         890             1,860        1.3%           950      1,880       1.1%
(Thousand units)

Houses                      3,577       1,951             4,038       12.9%         2,000      4,100       1.5%
(Units)

Net sales                 8,739.3     4,302.1           8,963.7        2.6%       4,400.0    9,000.0       0.4%
Domestic                  3,438.4     1,667.5           3,593.1        4.5%
Export                    5,300.8     2,634.5           5,370.5        1.3%

Operating income            861.3       459.1             833.7      - 3.2%         360.0      700.0    - 16.0%
             <9.9%>     <10.7%>            <9.3%>                    <8.2%>     <7.8%>

Ordinary income             892.6       510.5             915.7        2.6%         370.0      830.0     - 9.4%
            <10.2%>     <11.9%>           <10.2%>                    <8.4%>     <9.2%>

Income before income      1,055.1       510.5             892.4     - 15.4%         340.0      800.0    - 10.4%
taxes                     
            <12.1%>     <11.9%>           <10.0%>                    <7.7%>     <8.9%>

Net income                  634.0       338.0             581.4      - 8.3%         220.0      520.0    - 10.6%
             <7.3%>      <7.9%>            <6.5%>                    <5.0%>     <5.8%>


Factors contributing              Operating income decreased by             Operating income is expected to
to increases and                  27.6 billion yen.                         decrease by 133.7 billion yen.
decreases in                      
operating income                  (Decrease)                                (Decrease)
                                  Effects of changes in             - 150.0 Effects of changes in       - 240.0
                                  exchange rates                            exchange rates

                                  Increases in sundry                - 37.6 Marketing activities         - 10.0
                                  expenses, etc.                            Increases in                  - 3.7
                                                                            depreciation expenses,
                                                                            etc.                          

                                  (Increase)                          160.0 (Increase)
                                  Cost reduction efforts                    Cost reduction efforts        120.0


Exchange rates         JPY122/US$    JPY118/US$           JPY113/US$           JPY105/US$        JPY105/US$
                      JPY121/Euro   JPY134/Euro          JPY133/Euro          JPY125/Euro       JPY125/Euro

Capital investment          269.3         120.3                266.4                140.0             300.0
Depreciation expenses       257.1         123.5                244.3                130.0             250.0
R&D expenses                581.2         259.0                591.2                280.0             590.0
Interest-bearing debt       568.6         533.6                500.6
Performance                                         Increases in sales and
evaluation                                      decreases in operating income
                                                    Increases in sales and
                                                       ordinary income
                                                   reached historic highs.
Number of employees        65,551        66,099               65,346





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.


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