For immediate release
                                                                  August 3, 2007

          Toyota Announces Record First Quarter Operating Results
  (All consolidated financial information has been prepared in accordance with
         accounting principles generally accepted in the United States)


Tokyo--TOYOTA  MOTOR CORPORATION (TMC) today announced operating results for the
first quarter ended June 30, 2007.

On a  consolidated  basis,  net  revenues  for the first  quarter  totaled  6.52
trillion  yen,  an  increase  of 15.7  percent  compared to the same period last
fiscal year. Operating income increased 31.8 percent to 675.4 billion yen, while
income  before  income  taxes,  minority  interest  and  equity in  earnings  of
affiliated companies was 739.0 billion yen. Net income increased by 32.3 percent
to 491.5 billion yen.

Positive contributions to operating income totaled 220.0 billion yen, consisting
of 100.0 billion yen from marketing  efforts,  100.0 billion yen from changes in
foreign  exchange  rates  and 20.0  billion  yen from  cost  reduction  efforts.
Negative factors totaled 57.0 billion yen.

Commenting on the results,  Takeshi Suzuki, TMC Senior Managing Director,  said,
"We posted substantial  increases in both revenues and profits, our highest ever
quarterly results. Operating income showed a steep increase of 163.0 billion yen
compared  with the first  quarter of the previous  fiscal year,  due to improved
marketing efforts,  including higher sales volume and improvement in the product
mix, and cost reduction efforts which offset higher raw material costs."

Consolidated vehicle sales for the first quarter amounted to 2.16 million units,
an increase of 71 thousand units compared with the same period last fiscal year.

In  Japan,  vehicle  sales  decreased  by 43  thousand  units,  to 500  thousand
vehicles. Operating income increased significantly by 103.6 billion yen to 396.6
billion yen, due to an improvement in the product mix, including strong sales of
the Lexus LS series,  boosted  by the  introduction  of the hybrid  model in May
2007,  as well as an  increase  in domestic  production  to meet brisk  overseas
demand.

Vehicle sales in North  America  totaled 762 thousand  units,  an increase of 15
thousand units. Operating income increased by 20.1 billion yen, to 160.2 billion
yen.  The  successful  launch of new models such as the Tundra and the Lexus LS,
and strong sales of models with high fuel efficiency  like Prius  contributed to
the results.

In Europe,  sales increased by 25 thousand  vehicles,  to 333 thousand vehicles.
Operating  income  increased by 2.0 billion yen, to 38.5 billion yen, due to the
successful  launch of the Auris earlier this year, and continued steady sales of
the Yaris and the Aygo.

Sales in Asia increased by 29 thousand vehicles to 222 thousand vehicles.  Sales
volume is steadily  increasing,  mainly in  Indonesia,  and the South East Asian
market in general showed signs of continuing  recovery.  As a result,  operating
income in the region  increased  by 19.6  billion  yen, to 49.6 billion yen. Our
consolidated subsidiaries in China also contributed to the increase.




In the other regions  including  Africa,  Oceania and South and Central America,
sales reached 345 thousand vehicles, an increase of 45 thousand units. Operating
income totaled 38.6 billion yen, a considerable increase of 22.7 billion yen.

TMC estimates that the projected  consolidated vehicle sales for the fiscal year
ending March 31, 2008 will be 8.89 million units,  which is unchanged from TMC's
initial forecast announced in May 2007. The company's  consolidated revenues and
earnings forecast for the fiscal year also remains unchanged,  with consolidated
net revenues of 25.0 trillion yen, operating income of 2.25 trillion yen and net
income of 1.65 trillion yen.


       (Please  see  attached  information  for  details on  financial  results.
Further information is also available on the Internet at www.toyota.co.jp)

  Cautionary Statement with Respect to Forward-Looking Statements
  This release 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 its automotive operations, particularly laws, regulations
  and government 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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        Contact: Public Affairs Division at (03) 3817-9150/9161/9130/9322