3rd Quarter Results 2/2

Toyota Motor Corporation
03 February 2005

Supplementary Material for Financial Results for the 3 months ended December 31,
2004 (Consolidated)  (U.S. GAAP)


                      FY2004 in accordance with U.S. GAAP                        FY2005
                      (Note 1)                 (Note 1) (Note 1)     FY2004           (Note 1)                Prospects
                   1Q      2Q      1st      3Q      4Q  2nd Half     12 mos.     1Q         2Q 1st Half     3Q    Ending
                                  Half                                ending                                       March
                                                                   March 31,                                    31, 2005
                                                                        2004
Vehicle 
Production      
(thousands 
of units)       1,535    1,529   3,064   1,672    1,777    3,449       6,513   1,744     1,725    3,469    1,805
(Japan)         
including 
Daihatsu &
Hino            1,006    1,016   2,022   1,100    1,162    2,262       4,284   1,077     1,100    2,177    1,115
(Daihatsu)      (141)    (156)   (297)   (163)    (179)    (342)       (639)   (162)     (165)    (327)    (173)
(Hino)           (18)     (26)    (44)    (21)     (22)     (43)        (87)    (23)      (25)     (48)     (23)
(Overseas)        
including 
Daihatsu &
Hino              529      513   1,042     572      615    1,187       2,229     667       625    1,292      690
(Daihatsu)        (4)      (6)    (10)     (6)      (8)     (14)        (24)    (12)      (14)     (26)     (13)
(Hino)            (-)      (-)     (-)     (-)      (-)      (-)         (-)     (-)       (-)      (-)      (-)
   North          249      240     489     259      286      545       1,034     297       278      575      271
   America        
   Europe         126      104     230     137      148      285         515     146       137      283      156
   Asia            88       96     184     109      109      218         402     150       131      281      190
   Latin           15       16      31      17       19       36          67      21        21       42       18
   America         
   Oceania         28       31      59      29       27       56         115      28        29       57       25
   Africa          23       26      49      21       26       47          96      25        29       54       30


               FY2004 in accordance with U.S. GAAP                           FY2005
                   (Note 1)                  (Note 1) (Note 1)   FY2004           (Note 1)                   Prospects
               1Q       2Q  1st Half     3Q       4Q  2nd Half  12 mos.      1Q         2Q 1st Half       3Q    Ending
                                                                 ending                                       March 31,
                                                               March 31,                                           2005
                                                                   2004
Vehicle 
Sales        1,594    1,576    3,170   1,700    1,849    3,549     6,719   1,791     1,776    3,567     1,839     7,290
(thousands 
of units)
(Japan)        543      538    1,081     554      668    1,222     2,303     538       568    1,106       573     2,370
including 
Daihatsu &
Hino
(Daihatsu)   (120)    (120)    (240)   (118)    (155)    (273)     (513)   (126)     (131)    (257)     (129)     (540)
(Hino)         (9)     (16)     (25)    (12)     (14)     (26)      (51)    (10)      (14)     (24)      (12)      (50)
(Overseas)   1,051    1,038    2,089   1,146    1,181    2,327     4,416   1,253     1,208    2,461     1,266     4,920
including 
Daihatsu &
Hino
(Daihatsu)    (22)     (26)     (48)    (27)     (35)     (62)     (110)    (35)      (38)     (73)      (39)     (140)
(Hino)         (8)      (9)     (17)     (8)     (11)     (19)      (36)    (11)      (12)     (23)      (11)      (40)
   North 
   America    509      496    1,005     561      537    1,098     2,103     572       554    1,126       576     2,250
   Europe     234      207      441     218      239      457       898     247       229      476       249       970
   Asia       122      128      250     147      160      307       557     202       184      386       195       810
   Latin 
   America     32       37       69      36       41       77       146      45        46       91        47       180
   Oceania     60       57      117      60       59      119       236      64        61      125        56       230
   Africa      38       36       74      40       77      117       191      56        52      108        64       210
   the 
   Middle 
   East        56       77      133      84       68      152       285      67        82      149        79       270
   and 
   Others


              FY2004 in accordance with U.S. GAAP                    FY2005
                (Note 1)                (Note 1)  (Note 1)   FY2004         (Note 1)                         Prospects
              1Q      2Q     1st      3Q      4Q  2nd Half   12 mos.     1Q       2Q   1st Half     3Q    Ending March
                            Half                             ending                                           31, 2005
                                                          March 31,
                                                               2004
Total 
Retail 
Unit 
Sales      1,696   1,744   3,440   1,663    1,913    3,576     7,016   1,856    1,876    3,732   1,884
(thousands 
of units)
Housing 
Sales 
(units)      761   1,408   2,169   1,442    1,141    2,583     4,752     848    1,346    2,194   1,443
Foreign 
Exchange 
Rate                                                                                                      as premise:
   Yen to 
   US Dollar 
   Rate      119     118     118     109      107      108       113     110      110      110     106           106
   Yen to 
   Euro 
   Rate      135     131     134     130      134      132       133     132      134      133     137           135
Registered 
Toyota                                                                                                 approximately
Vehicles     395     413     808     407      514      921     1,729     378      436      814     430         1,785
(in Japan)
(thousands 
of units)
Market Share 
(Japan)                                                                                               approximately
   Toyota 
   (exclu
    ding   44.9    40.4    42.5    44.4     42.5     43.3      42.9    46.1     43.3     44.6    46.4           45%
   Mini-
   cars) 
   (%)
   Toyota, 
   Daihatsu 
   and     41.1    39.7    40.0                      39.6      41.6             41.0     42.5
   Hino
   (including 
   Mini-cars)
   (%)    
   Number 
   of 
   Employees 
  (Note 2)      265,532                           264,410                   269,310



           FY2004 in accordance with U.S. GAAP                            FY2005
                     (Note 1)                   (Note 1) (Note 1) FY2004          (Note 1)                     Prospects
                 1Q       2Q 1st Half      3Q        4Q  2nd Half 12 mos.      1Q       2Q  1st Half      3Q      Ending
                                                                   ending                                      March 31,
                                                                    March                                           2005
                                                                 31, 2004
Net 
Revenues    4,092.9  4,131.3  8,224.2  4,386.0  4,684.5  9,070.5 17,294.7  4,510.3  4,515.3  9,025.6  4,644.0
(billions 
of yen)
  Geograph
  ical 
  Segment
   Japan   2,714.2  2,783.1  5,497.3  2,933.6  3,159.1  6,092.7 11,590.0  2,857.6  2,923.0  5,780.6  3,018.3
   North 
   America 1,530.8  1,483.3  3,014.1  1,603.7  1,509.8  3,113.5  6,127.6  1,626.1  1,563.6  3,189.7  1,595.7
   Europe    529.9    502.4  1,032.3    514.3    617.7  1,132.0  2,164.3    591.0    610.3  1,201.3    631.8
   Others    548.7    554.1  1,102.8    592.5    666.6  1,259.1  2,361.9    670.4    661.9  1,332.3    695.9
   Elimi
   nation -1,230.7 -1,191.6 -2,422.3 -1,258.1 -1,268.7 -2,526.8 -4,949.1 -1,234.8 -1,243.5 -2,478.3 -1,297.7
  Business 
  Segment
   Auto
   motive 3,798.5  3,791.9  7,590.4  4,055.3  4,328.1  8,383.4 15,973.8  4,199.8  4,139.8  8,339.6   4,278.4
   Finan
   cial 
   Services 184.0    187.5    371.5    180.6    184.8    365.4    736.9    180.9    203.5    384.4     196.1
   All 
   Other    183.7    220.0    403.7    214.7    277.8    492.5    896.2    205.7    261.1    466.8     243.3
   Elim
   ination  -73.3    -68.1   -141.4    -64.6   -106.2   -170.8   -312.2    -76.1    -89.1   -165.2     -73.8


                FY2004 in accordance with U.S. GAAP                           FY2005
                    (Note 1)                  (Note 1) (Note 1)  FY2004            (Note 1)                   Prospects
                1Q       2Q       1st     3Q       4Q  2nd Half  12 mos.       1Q       2Q  1st Half     3Q      Ending
                                Half                             ending                                       March 31,
                                                                  March                                            2005
                                                               31, 2004
Operating 
Income        340.7    427.0   767.7    401.6    497.5    899.1  1,666.8     448.6    417.6    866.2   422.9
(billions 
of yen)
  (Operating 
   Income 
   Ratio)     (8.3)   (10.3)   (9.3)    (9.2)   (10.6)    (9.9)    (9.6)     (9.9)    (9.2)    (9.6)   (9.1)
  (%)
  Geographical 
  Segment
   Japan      252.1    277.6   529.7    226.1    352.3    578.4  1,108.1     253.0    237.6    490.6   237.3
   North 
   America     64.6     99.0   163.6    128.2     99.2    227.4    391.0     129.8    114.9    244.7   127.8
   Europe       6.1     16.4    22.5     24.7     25.3     50.0     72.5      30.9     35.4     66.3    26.5
   Others      20.5     32.8    53.3     24.3     19.3     43.6     96.9      37.7     33.2     70.9    33.5
   Elimin
   ation       -2.6      1.2    -1.4     -1.7      1.4     -0.3     -1.7      -2.8     -3.5     -6.3    -2.2
  Business 
  Segment
   Automotive 333.9    368.7   702.6    347.8    468.6    816.4  1,519.0     403.8    353.0    756.8   355.5
   Financial 
   Services    10.6     51.1    61.7     52.3     32.0     84.3    146.0      46.2     56.5    102.7    58.7
   All Other   -2.8      8.8     6.0      5.5      3.7      9.2     15.2       1.5     11.2     12.7    11.0
   Elimination -1.0     -1.6    -2.6     -4.0     -6.8    -10.8    -13.4      -2.9     -3.1     -6.0    -2.3
Income before 
taxes         371.2    440.8   812.0    429.7    524.0    953.7  1,765.7     470.4    442.8    913.2   447.1
(billions 
of yen)
  (Income before 
  taxes       (9.1)   (10.7)   (9.9)    (9.8)   (11.2)   (10.5)   (10.2)    (10.4)    (9.8)   (10.1)   (9.6)
  Ratio) (%)
Equity in 
Earnings of    21.1     19.9    41.0     38.1     41.1     79.2    120.2      34.7     24.1     58.8    39.3
Affiliated 
Companies
(billions 
of yen)
Net Income 
(billions of  222.5    301.9   524.4    286.4    351.2    637.6  1,162.0     286.6    297.4    584.0   296.5
yen)
  (Net 
  Income 
 Ratio) (%)   (5.4)    (7.3)   (6.4)    (6.5)    (7.5)    (7.0)    (6.7)     (6.4)    (6.6)    (6.5)   (6.4)


                FY2004 in accordance with U.S. GAAP                        FY2005
                     (Note 1)                 (Note 1)  (Note 1)  FY2004           (Note 1)                   Prospects
                   1Q     2Q  1st Half      3Q     4Q   2nd Half  12 mos.      1Q       2Q  1st Half     3Q      Ending
                                                                   ending                                     March 31,
                                                                March 31,                                          2005
                                                                    2004
Research 
& Development   148.1  156.5     304.6    172.8  204.8    377.6     682.2    158.7   192.7    351.4    181.3       710.0
(billions of 
yen)
Depreciation    180.1  196.6     376.7    180.5  230.9    411.4     788.1    181.2   210.9    392.1    184.1       810.0
(billions of 
yen)
(Note 3)
  Geographical 
  Segment
     Japan      113.3  115.8     229.1    114.2  143.5    257.7     486.8    112.8   129.1    241.9    114.4       490.0
     North 
     America     38.7   54.2      92.9     39.4   44.2     83.6     176.5     38.7    49.8     88.5     37.7       160.0
     Europe      14.3   14.0      28.3     14.4   23.7     38.1      66.4     16.6    18.5     35.1     16.4        80.0
     Others      13.8   12.6      26.4     12.5   19.5     32.0      58.4     13.1    13.5     26.6     15.6        80.0
Capital 
Expenditures    180.9  240.5     421.4    196.9  339.4    536.3     957.7    215.5   285.1    500.6    207.4     1,060.0
(billions of 
yen)
(Note 3)
  Geographical 
  Segment
      Japan      93.1  150.6     243.7    123.5  197.7    321.2     564.9    128.6   153.1    281.7    128.6       640.0
      North 
      America    50.9   41.1      92.0     30.0   87.9    117.9     209.9     34.6    56.0     90.6     30.7       140.0
       Europe    18.3   24.6      42.9     17.9   26.9     44.8      87.7     14.7    16.9     31.6     15.8        90.0
       Others    18.6   24.2      42.8     25.5   26.9     52.4      95.2     37.6    59.1     96.7     32.3       190.0
Total Liquid 
Assets                         3,167.6                            3,229.8                   3,415.9
(billions 
of yen)
(Note 4)
Free Cash Flow                     1.0                              949.9                     -70.3
(billions 
of yen)
(Note 5)
Total Assets 20,901.5         20,777.1 21,086.2                  22,040.2 22,605.4         23,310.1 23,119.1
(billions of 
yen)
Shareholders' 
Equity        7,363.0          7,572.4  7,638.2                   8,178.6  8,349.9          8,542.0  8,718.7
(billions of 
yen)
Return on 
Equity (%)       12.3             14.3     15.1                      15.2     13.9             14.0     13.7
Return on 
Asset (%)         4.3              5.1      5.5                       5.5      5.1              5.2      5.1


Number of 
Consolidated                       561                                554                       540
Subsidiaries
Number of Affiliates                54                                 53                        56
Accounted for Under
the Equity Method


Contributing Factors to Operating Income FY2005 3Q (billions of yen, approximately)

                                                      Consolidated          Unconsolidated            Subsidiaries
   Operational Efforts                                        30.0                   -10.0                    40.0
   Cost Reduction Efforts                                     40.0                    20.0                    20.0
      From Engineering                                        25.0                    15.0                    10.0
      From Manufacturing and Logistics                        15.0                     5.0                    10.0
   Unfavorable Foreign Exchange Rate                         -10.0                   -10.0                     0.0
   Increases in Expenses, etc.                               -38.7                   -31.6                    -7.1



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 and
market demand 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, the
Australian dollar 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 in the markets in which Toyota operates that affect Toyota's
automotive operations, particularly laws, regulations and policies relating to
trade, environmental protection, vehicle emissions, vehicle fuel economy and
vehicle safety, as well as changes in laws, regulations and government policies
that affect 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
Toyota's annual report on Form 20-F, which is on file with the United States
Securities and Exchange Commission.

Supplementary Material for Financial Results for the 3 months ended December 31,
2004 (Unconsolidated)  (Japan GAAP)


                   FY2001                      FY2002                              FY2003
                   6 mos.    12 mos.            6 mos.           12 mos.           6 mos.         12 mos.
                   ending     ending           ending            ending             ending        ending
                   Sep. 30,   March 31,        Sep. 30,          March 31,        Sept. 30,       March 31, 
                   2000       2001             2001              2002             2002            2003

Vehicle Production
(thousands of       1,637      3,422             1,644             3,364              1,676           3,513
units)
Vehicle Sales 
(thousands of 
units)              1,701      3,520             1,674             3,428              1,691           3,559
  Japan               835      1,816               850             1,720                800           1,724
  Exports             866      1,704               824             1,708                891           1,835
     North America    357        710               353               754                414             841
     Europe           254        487               200               425                182             392
     Asia              61        121                58               106                 80             165
     Latin America     47         97                52                93                 34              71
     Oseania           62        115                58               116                 71             137
     Others            85        174               103               214                110             229
Net Sales (billions 
of yen)           3,708.7    7,903.5           4,011.9           8,284.9            4,204.7         8,739.3
  Japan           1,682.3    3,767.2           1,767.3           3,544.3            1,607.3         3,438.4
  Exports         2,026.4    4,136.3           2,244.5           4,740.6            2,597.4         5,300.8
Operating Income 
(billions of yen)   191.3      506.8             354.2             748.9              471.3           861.3
  (Operating 
Income Ratio) (%)   (5.2)      (6.4)             (8.8)             (9.0)             (11.2)           (9.9)
Ordinary Income 
(billions of yen)   226.7      621.7             347.1             768.9              481.7           892.6
  (Ordinary Income 
Ratio) (%)          (6.1)      (7.9)             (8.7)             (9.3)             (11.5)          (10.2)
Net Income 
(billions of yen)   104.3      333.5             203.5             470.2              382.2           634.0
  (Net Income 
Ratio) (%)          (2.8)      (4.2)             (5.1)             (5.7)              (9.1)           (7.3)
Shareholders Return
  Dividend Payout 
(billions of yen)    41.1       92.7              47.4             101.5               56.8           125.8
     Dividend Per 
   Share (yen)         11         25                13                28                 16              36
   Payout Ratio (%)  39.4       27.8              23.3              21.6               14.9            19.8
  Value of shares 
  canceled           26.3      263.5             129.2             129.2              143.0           143.0
  (billions of yen)
  Shareholder Return 
  (%) (Note 6)       64.7      106.8              86.8              49.1               52.3            42.4
  Value of shares 
  repurchased        26.3      263.6             129.2             277.5              163.3           453.4
  (billions of yen)
Number of 
Outstanding 
Shares          3,743,405  3,684,997         3,649,997         3,649,997          3,609,997       3,609,997
(thousands)
Number of Employees 
(Note 2)           65,907     66,005            65,029            66,820             66,874          65,551



                                         FY2004                                  FY2005
                                         6 mos. ending        12 mos. ending     6 mos. ending     prospects for 12 mos.
                                          Sept. 30, 2003      March 31, 2004     Sept.30, 2004     ending March 31, 2005

Vehicle Production (thousands of units)       1,682               3,558                1,802                     3,760
Vehicle Sales (thousands of units)            1,720               3,625                1,805                     3,800
  Japan                                         830               1,765                  838                     1,810
  Exports                                       890               1,860                  967                     1,990
      North America                             398                 811                  412                       860
      Europe                                    198                 419                  197                       420
      Asia                                       71                 151                   82                       150
      Latin America                              28                  61                   38                        80
      Oseania                                    78                 158                   89                       170
      Others                                    117                 260                  149                       310
Net Sales (billions of yen)                 4,302.1             8,963.7              4,459.7                   9,100.0
  Japan                                     1,667.5             3,593.1              1,723.0
  Exports                                   2,634.5             5,370.5              2,736.7
Operating Income (billions of yen)            459.1               833.7                392.3                     730.0
  (Operating Income Ratio) (%)               (10.7)               (9.3)                (8.8)                     (8.0)
Ordinary Income (billions of yen)             510.5               915.7                442.3                     890.0
  (Ordinary Income Ratio) (%)                (11.9)              (10.2)                (9.9)                     (9.8)
Net Income (billions of yen)                  338.0               581.4                263.7                     540.0
  (Net Income Ratio) (%)                      (7.9)               (6.5)                (5.9)                     (5.9)
Shareholders Return
  Dividend Payout (billions of yen)            67.9               151.2                 82.0
      Dividend Per Share (yen)                   20                  45                 25.0
      Payout Ratio (%)                         20.1                26.0                 31.1
  Value of shares canceled (billions of yen)      -                   -                    -
  Shareholder Return (%) (Note 6)              20.1                26.0                 31.1
  Value of shares repurchased (billions of    161.7               398.8                208.4
  yen)
Number of Outstanding Shares (thousands)  3,609,997           3,609,997            3,609,997
Number of Employees (Note 2)                 66,099              65,346               64,408



(Note 1)  2Q = 1st Half - 1Q ,  2nd Half = FY03 - 1st Half , 4Q = 2nd Half - 3Q

(Note 2)  Part-time employees (i.e. seasonal workers) are counted in the figure,
along with full-time employees.

(Note 3)  Figures for depreciation and capital expenditures do not include
vehicles in operating lease.

(Note 4)  Excluding financial subsidiaries

(Note 5)  Calculation:  Cash flows from operating activities + Cash flows from
investing activities (excluding financial entities)

(Note 6)  Calculation:  (Dividend payout + Value of shares canceled) / Net
income



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 and
market demand 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, the
Australian dollar, 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 in the markets in which Toyota operates that affect Toyota's
automotive operations, particularly laws, regulations and policies relating to
trade, environmental protection, vehicle emissions, vehicle fuel economy and
vehicle safety, as well as changes in laws, regulations and government policies
that affect 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
Toyota's annual report on Form 20-F, which is on file with the United States
Securities and Exchange Commission.










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