Interim Results 2/5

Toyota Motor Corporation
04 November 2005

November 4, 2005

                  Highlights of Consolidated Financial Results

                             for FY2006 Semi-Annual

                   (April 1, 2005 through September 30, 2005)

   (All financial information has been prepared in accordance with accounting
         principles generally accepted in the United States of America)


                                                   (Billions of yen unless otherwise specified)
+------------------------+----------------+-------------------+-----------+------------------+
|                        |     FY2005     |FY2006 Semi-Annual |           | FY2006 Forecast  |
|                        |  Semi-Annual   |(Apr. 2005 through |           |(Apr. 2005 through|
|                        |   (Apr. 2004   |    Sep. 2005)     |           |    Mar. 2006)    |
|                        |    through     |                   +-----------+                  |
|                        |   Sep. 2004)   |                   |% of change|                  |
|                        |                |                   |from FY2005|                  |
|                        |                |                   |Semi-Annual|                  |
+------------------------+----------------+-------------------+-----------+------------------+
|Vehicle sales           |           3,567|              3,833|       7.5%|             8,030|
|(Thousand units)        |                |                   |           |                  |
+------------------------+----------------+-------------------+-----------+------------------+
|Net revenues            |         9,025.6|            9,953.1|      10.3%|                  |
+------------------------+----------------+-------------------+-----------+------------------+
|Operating income        |           866.2|              809.4|      -6.6%|                  |
|          |          <9.6%>|             <8.1%>|           |                  |
+------------------------+----------------+-------------------+-----------+------------------+
|Income before income    |                |                   |      -6.3%|                  |
|taxes, minority interest|           913.2|              855.9|           |                  |
|and equity in earnings  |                |                   |           |                  |
|of affiliated companies |                |                   |           |                  |
|          |         <10.1%>|             <8.6%>|           |                  |
+------------------------+----------------+-------------------+-----------+------------------+
|Net income              |           584.0|              570.5|      -2.3%|                  |
|          |          <6.5%>|             <5.7%>|           |                  |
+------------------------+----------------+-------------------+-----------+------------------+
|Factors contributing to |                | Operating income decreased by |                  |
|increases and decreases |                |       56.8 billion yen        |                  |
|in operating income     |                +---------------------+---------+                  |
|                        |                |(Decrease)           |         |                  |
|                        |                |Decrease in the gains|         |                  |
|                        |                |recognized on        |         |                  |
|                        |                |transfer of the      |         |                  |
|                        |                |substitutional       |         |                  |
|                        |                |portion of the       |         |                  |
|                        |                |employee pension fund|         |                  |
|                        |                |to the Government    |     -9.1|                  |
|                        |                |Increases in expenses|   -197.7|                  |
|                        |                |                     |         |                  |
|                        |                |(Increase)           |         |                  |
|                        |                |Marketing efforts    |     70.0|                  |
|                        |                |Cost reduction       |         |                  |
|                        |                |efforts              |     60.0|                  |
|                        |                |Effects of changes in|         |                  |
|                        |                |exchanges rates      |     20.0|                  |
|                        |                |                     |         |                  |
+------------------------+----------------+---------------------+---------+------------------+
|Capital investment      |           500.6|             695.8             |           1,400.0|
|(excluding leased       |                |                               |                  |
|vehicles)               |                |                               |                  |
+------------------------+----------------+-------------------------------+------------------+
|Depreciation expenses   |           392.1|             400.9             |             840.0|
+------------------------+----------------+-------------------------------+------------------+
|R&D expenses            |           351.4|             373.1             |             800.0|
+------------------------+----------------+-------------------------------+------------------+
|Performance evaluation  |                |Increase in net revenues and   |                  |
|                        |                |decreases in operating income, |                  |
|                        |                |income before income taxes,    |                  |
|                        |                |minority interest and equity in|                  |
|                        |                |earnings of affiliated         |                  |
|                        |                |companies, and                 |                  |
|                        |                |net income                     |                  |
+------------------------+----------------+-------------------------------+------------------+
|Number of employees     |         269,310|           278,622             |                  |
+------------------------+----------------+-------------------------------+------------------+





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.





November 4, 2005

                 Highlights of Unconsolidated Financial Results

                             for FY2006 Semi-Annual

                   (April 1, 2005 through September 30, 2005)

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



                                            (Billions of yen unless otherwise specified)
+----------------+-----------+-----------------------+---------------------------------+
|                |  FY2005   |  FY2006 semi-annual   |         FY2006 Forecast         |
|                |semi-annual|                       |  (Apr. 2005 through Mar. 2006)  |
+----------------+(Apr. 2004 +-----------+-----------+----------+------------+---------+
|                |  through  |(Apr. 2005 |% of change| Revised  |% of change | Initial |
|                |Sep. 2004) |  through  |   from    | Forecast |from FY2005 |Forecast |
|                |           |Sep. 2005) | previous  |          |            |         |
|                |           |           |semi-annual|          |            |         |
+----------------+-----------+-----------+-----------+----------+------------+---------+
|Domestic vehicle|      1,802|      1,798|     - 0.2%|     3,880|        3.5%|    3,770|
|production      |           |           |           |          |            |         |
|(Thousand units)|           |           |           |          |            |         |
+----------------+-----------+-----------+-----------+----------+------------+---------+
|Overseas vehicle|      1,511|      1,824|      20.8%|     3,760|       20.2%|    3,610|
|production      |           |           |           |          |            |         |
|(Thousand units)|           |           |           |          |            |         |
+----------------+-----------+-----------+-----------+----------+------------+---------+
|Domestic vehicle|        838|        806|     - 3.9%|     1,830|        1.4%|    1,830|
|sales           |           |           |           |          |            |         |
|(Thousand units)|           |           |           |          |            |         |
+----------------+-----------+-----------+-----------+----------+------------+---------+
|Exports         |        967|      1,002|       3.6%|     2,100|        6.0%|    1,990|
|(Thousand units)|           |           |           |          |            |         |
+----------------+-----------+-----------+-----------+----------+------------+---------+
|Houses          |      1,981|      2,055|       3.7%|     4,600|        4.7%|    4,500|
|(Units)         |           |           |           |          |            |         |
+----------------+-----------+-----------+-----------+----------+------------+---------+
|Net sales       |    4,459.7|    4,664.0|       4.6%|  10,100.0|        9.6%|  9,400.0|
|Domestic        |    1,723.0|    1,671.7|     - 3.0%|          |            |         |
|Export          |    2,736.7|    2,992.2|       9.3%|          |            |         |
+----------------+-----------+-----------+-----------+----------+------------+---------+
|Operating income|      392.3|      297.6|    - 24.1%|     750.0|        6.9%|    620.0|
|  |     <8.8%>|     <6.4%>|           |    <7.4%>|            |         |
+----------------+-----------+-----------+-----------+----------+------------+---------+
|Ordinary income |      442.3|      416.6|     - 5.8%|     980.0|       14.5%|    770.0|
|  |     <9.9%>|     <8.9%>|           |    <9.7%>|            |         |
+----------------+-----------+-----------+-----------+----------+------------+---------+
|Income before   |      417.3|      416.6|     - 0.2%|     980.0|       17.9%|    770.0|
|income taxes    |           |           |           |          |            |         |
|  |     <9.4%>|     <8.9%>|           |    <9.7%>|            |         |
+----------------+-----------+-----------+-----------+----------+------------+---------+
|Net income      |      263.7|      283.6|       7.6%|     670.0|       26.6%|    500.0|
|  |     <5.9%>|     <6.1%>|           |    <6.6%>|            |         |
+----------------+-----------+-----------+-----------+----------+------------+---------+
|Factors         |           |Operating income       |Operating income       |         |
|contributing to |           |decreased by 94.7      |increased by 48.7      |         |
|increases and   |           |billion yen.           |billion yen.           |         |
|decreases in    |           +---------------+-------+---------------+-------+         |
|operating income|           |(Decrease)     |       |(Increase)     |       |         |
|                |           |Marketing      | - 20.0|Marketing      |   70.0|         |
|                |           |Activities     |       |efforts        |       |         |
|                |           |Increases in   |       |Cost reduction |   70.0|         |
|                |           |R&D expenses,  |- 114.7|efforts        |       |         |
|                |           |etc.           |       |Effects of     |   60.0|         |
|                |           |               |       |changes in     |       |         |
|                |           |(Increase)     |       |exchange rates |       |         |
|                |           |Cost reduction |       |               |       |         |
|                |           |efforts        |       |(Decrease)     |       |         |
|                |           |Effects of     |   30.0|Increases in   |       |         |
|                |           |changes in     |       |R&D expenses,  |- 151.3|         |
|                |           |exchange rates |       |etc.           |       |         |
|                |           |               |   10.0|               |       |         |
+----------------+-----------+---------------+-------+---------------+-------+---------+
|Exchange rates  |JPY110/US$ |      JPY110/US$       |      JPY110/US$       | JPY105/ |
|                |JPY133/Euro|      JPY136/Euro      |      JPY135/Euro      |   US$   |
|                |           |                       |                       | JPY135/ |
|                |           |                       |                       |  Euro   |
+----------------+-----------+-----------------------+-----------------------+---------+
|Capital         |115.7      |152.2                  |         350.0         |  330.0  |
|investment      |           |                       |                       |         |
+----------------+-----------+-----------------------+-----------------------+---------+
|Depreciation    |121.9      |126.0                  |         260.0         |  260.0  |
|expenses        |           |                       |                       |         |
+----------------+-----------+-----------------------+-----------------------+---------+
|R&D expenses    |302.1      |322.5                  |         700.0         |  680.0  |
+----------------+-----------+-----------------------+-----------------------+---------+
|Interest-bearing|500.6      |500.0                  |                       |         |
|debt            |           |                       |                       |         |
+----------------+-----------+-----------------------+-----------------------+---------+
|Performance     |           | Increase in net sales |                       |         |
|evaluation      |           |          and          |                       |         |
|                |           | decrease in operating |                       |         |
|                |           |        income         |                       |         |
+----------------+-----------+-----------------------+-----------------------+---------+
|Number of       |  64,408   |        65,994         |                       |         |
|employees       |           |                       |                       |         |
+----------------+-----------+-----------------------+-----------------------+---------+

 
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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