6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report ofForeign Private Issuer

Pursuant to Rule 13a-16 or15d-16 under

the Securities Exchange Act of 1934

For the month of February, 2024

Commission File Number 001-14948

Toyota Motor Corporation

(Translation of Registrant’s Name Into English)

1,Toyota-cho, Toyota City,

Aichi Prefecture 471-8571,

Japan

(Address ofPrincipal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F   X  Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Material Contained in this Report:

I.	Executive Summary of the Japanese-language Quarterly Securities Report, as filed with the Director of the<br>Kanto Local Finance Bureau on February 13, 2024.
II.	The registrant’s Unaudited Condensed Consolidated Financial Statements for the periods ended December<br>31, 2023, prepared in accordance with IFRS, which materially conform to the Consolidated Financial Statements filed with the Japanese-language Quarterly Securities Report referred to above.
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Toyota Motor Corporation
By:	/s/  Yoshihide Moriyama
	Name:	Yoshihide Moriyama
	Title:	General Manager,
		Capital Strategy & Affiliated Companies Finance Division

Date: February 29, 2024

Quarterly Securities Report

Japanese-language Quarterly Securities Report for the period ended December 31, 2023, as filed with the Director of the Kanto Local Finance Bureau of the Ministry of Finance of Japan on February 13, 2024, and which includes the following:

I.	Corporate information
A.	Corporate overview
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1.	History of changes in major business indices
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2.	Overview of business
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B.	Business
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1.	Risk factors
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2.	Management’s analysis of financial position, results of operations and cash flows<br>
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3.	Material contracts
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C.	Company information
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1.	Share information
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2.	Directors and corporate auditors
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D.	Financial information
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1.	Condensed quarterly consolidated financial statements and notes
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2.	Other
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II.	Information on Guarantors
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Auditors Report

Certificate

Unaudited Condensed Consolidated Financial Statements

TOYOTA MOTOR CORPORATION

Analysis of Results of Operations

Financial results

Consolidated vehicle unit sales in Japan and overseas increased by 804 thousand units, or 12.4%, to 7,295 thousand units in FY2024 first nine months (the first nine months ended December 31, 2023) compared with FY2023 first nine months (the first nine months ended December 31, 2022). Vehicle unit sales in Japan increased by 228 thousand units, or 16.3%, to 1,630 thousand units in FY2024 first nine months compared with FY2023 first nine months. Overseas vehicle unit sales increased by 576 thousand units, or 11.3%, to 5,665 thousand units in FY2024 first nine months compared with FY2023 first nine months.

The results of operations for FY2024 first nine months were as follows:

Sales revenues	¥	34,022.7 billion	(an increase of ¥6,558.6 billion or 23.9%<br><br><br>compared with FY2023 first nine months)
Operating income	¥	4,240.2 billion	(an increase of ¥2,142.1 billion or 102.1%<br><br><br>compared with FY2023 first nine months)
Income before income taxes	¥	5,357.0 billion	(an increase of ¥2,487.7 billion or 86.7%<br><br><br>compared with FY2023 first nine months)
Net income attributable to Toyota Motor Corporation	¥	3,947.2 billion	(an increase of ¥2,048.2 billion or 107.9%<br><br><br>compared with FY2023 first nine months)

The changes in operating income were as follows:

Marketing efforts	an increase of ¥1,990.0 billion
Effects of changes in exchange rates	an increase of ¥380.0 billion
Cost reduction efforts	a decrease of ¥65.0 billion
Increase or decrease in expenses and expense reduction efforts	a decrease of ¥300.0 billion
Other	an increase of ¥137.1 billion

1

TOYOTA MOTOR CORPORATION

Analysis of Results of Operations

Segment operating results

(i)	Automotive:

Sales revenues for the automotive operations increased by ¥6,230.5 billion, or 24.9%, to ¥31,231.0 billion in FY2024 first nine months compared with FY2023 first nine months, and operating income increased by ¥1,998.1 billion, or 116.0%, to ¥3,719.9 billion in FY2024 first nine months compared with FY2023 first nine months. The increase in operating income was mainly due to marketing efforts.

(ii)	Financial services:

Sales revenues for the financial services operations increased by ¥445.5 billion, or 21.2%, to ¥2,543.7 billion in FY2024 first nine months compared with FY2023 first nine months, and operating income increased by ¥92.9 billion, or 28.7%, to ¥416.9 billion in FY2024 first nine months compared with FY2023 first nine months. The increase in operating income was mainly due to decrease in valuation losses on interest rate swaps stated at fair value in sales finance subsidiaries in the United States.

(iii)	All other:

Sales revenues for all other businesses increased by ¥137.4 billion, or 16.3%, to ¥983.1 billion in FY2024 first nine months compared with FY2023 first nine months, and operating income increased by ¥66.8 billion, or 116.8%, to ¥123.9 billion in FY2024 first nine months compared with FY2023 first nine months.

2

TOYOTA MOTOR CORPORATION

Analysis of Results of Operations

Geographic information

(i)	Japan:

Sales revenues in Japan increased by ¥3,365.0 billion, or 26.3%, to ¥16,137.2 billion in FY2024 first nine months compared with FY2023 first nine months, and operating income increased by ¥1,143.8 billion, or 74.2%, to ¥2,685.1 billion in FY2024 first nine months compared with FY2023 first nine months. The increase in operating income was mainly due to marketing efforts and the effects of changes in exchange rates.

(ii)	North America:

Sales revenues in North America increased by ¥3,091.9 billion, or 29.6%, to ¥13,554.3 billion in FY2024 first nine months compared with FY2023 first nine months, and operating income increased by ¥605.5 billion, to ¥516.5 billion in FY2024 first nine months compared with FY2023 first nine months. The increase in operating income was mainly due to marketing efforts and cost reduction efforts.

(iii)	Europe:

Sales revenues in Europe increased by ¥1,111.1 billion, or 36.2%, to ¥4,179.2 billion in FY2024 first nine months compared with FY2023 first nine months, and operating income increased by ¥268.8 billion, or 1,608.4%, to ¥285.5 billion in FY2024 first nine months compared with FY2023 first nine months. The increase in operating income was mainly due to marketing efforts and the effect of recording a ¥104.0 billion loss, ¥95.2 billion of which was related to Europe, during FY2023 first nine months from terminating vehicle production in Russia.

(iv)	Asia:

Sales revenues in Asia increased by ¥549.5 billion, or 9.0%, to ¥6,682.5 billion in FY2024 first nine months compared with FY2023 first nine months, and operating income increased by ¥89.2 billion, or 15.9%, to ¥649.6 billion in FY2024 first nine months compared with FY2023 first nine months. The increase in operating income was mainly due to marketing efforts and cost reduction efforts.

(v)	Other (Central and South America, Oceania, Africa and the Middle East):

Sales revenues in other regions increased by ¥520.3 billion, or 19.7%, to ¥3,163.7 billion in FY2024 first nine months compared with FY2023 first nine months, and operating income increased by ¥22.9 billion, or 13.0%, to ¥198.9 billion in FY2024 first nine months compared with FY2023 first nine months. The increase in operating income was mainly due to marketing efforts.

3

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Financial Position

		Yen in millions
	Notes	March 31,2023			December 31,2023
Assets
Current assets
Cash and cash equivalents			7,516,966			7,583,154
Trade accounts and other receivables			3,586,130			3,818,470
Receivables related to financial services			8,279,806			10,426,656
Other financial assets			1,715,675			4,650,916
Inventories			4,255,614			4,294,143
Income tax receivable			218,704			133,032
Other current assets			886,885			948,347
Total current assets			26,459,781			31,854,717
Non-current assets
Investments accounted for using the equity method			5,227,345			5,641,846
Receivables related to financial services			16,491,045			19,124,065
Other financial assets			10,556,431			10,923,018
Property, plant and equipment
Land			1,426,370			1,433,969
Buildings			5,464,811			5,652,447
Machinery and equipment			14,796,619			15,681,350
Vehicles and equipment on operating leases			6,774,427			7,201,656
Construction in progress			846,866			950,517
Total property, plant and equipment, at cost			29,309,093			30,919,939
Less - Accumulated depreciation and impairment losses			(16,675,119	)		(17,495,241	)
Total property, plant and equipment, net			12,633,974			13,424,699
Right of use assets			491,368			498,026
Intangible assets			1,249,122			1,321,958
Deferred tax assets			387,427			460,503
Other non-current assets			806,687			983,322
Total non-current assets			47,843,399			52,377,437
Total assets			74,303,180			84,232,154

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

4

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Financial Position

		Yen in millions
	Notes	March 31,2023			December 31,2023
Liabilities
Current liabilities
Trade accounts and other payables			4,986,309			4,909,386
Short-term and current portion of long-term debt			12,305,639			14,703,717
Accrued expenses			1,552,345			1,607,868
Other financial liabilities			1,392,397			1,525,810
Income taxes payable			404,606			723,123
Liabilities for quality assurance			1,686,357			1,806,249
Other current liabilities			1,632,063			1,796,656
Total current liabilities			23,959,715			27,072,808
Non-current liabilities
Long-term debt			17,074,634			19,256,186
Other financial liabilities			533,710			480,470
Retirement benefit liabilities			1,065,508			1,115,974
Deferred tax liabilities			1,802,346			2,071,268
Other non-current liabilities			603,052			711,481
Total non-current liabilities			21,079,251			23,635,380
Total liabilities			45,038,967			50,708,188
Shareholders’ equity
Common stock			397,050			397,050
Additional paid-in capital			498,728			494,286
Retained earnings			28,343,296			31,726,790
Other components of equity			2,836,195			3,871,068
Treasury stock			(3,736,562	)		(3,927,497	)
Total Toyota Motor Corporation shareholders’ equity			28,338,706			32,561,697
Non-controlling interests			925,507			962,269
Total shareholders’ equity			29,264,213			33,523,966
Total liabilities and shareholders’ equity			74,303,180			84,232,154

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

5

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Income and

UnauditedCondensed Quarterly Consolidated Statement of Comprehensive Income

Unaudited Condensed Quarterly Consolidated Statement of Income

			Yen in millions
	Notes		For the first nine monthsended December 31, 2022			For the first nine monthsended December 31, 2023
Sales revenues
Sales of products		VIII		25,383,850			31,511,767
Financial services		VIII		2,080,183			2,510,953
Total sales revenues		VIII		27,464,033			34,022,720
Costs and expenses
Cost of products sold				21,435,002			25,345,445
Cost of financial services				1,280,860			1,559,145
Selling, general and administrative				2,650,076			2,877,893
Total costs and expenses				25,365,938			29,782,483
Operating income				2,098,095			4,240,238
Share of profit (loss) of investments accounted for using the equity method				474,716			596,181
Other finance income				307,518			544,304
Other finance costs				(108,313	)		(78,752	)
Foreign exchange gain (loss), net				128,375			55,334
Other income (loss), net				(31,118	)		(239	)
Income before income taxes				2,869,274			5,357,065
Income tax expense				905,153			1,325,441
Net income				1,964,122			4,031,624
Net income attributable to
Toyota Motor Corporation				1,899,026			3,947,242
Non-controlling interests				65,096			84,382
Net income				1,964,122			4,031,624
			Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted		IX		138.78			291.87

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

6

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Income and

UnauditedCondensed Quarterly Consolidated Statement of Comprehensive Income

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

		Yen in millions
	Notes	For the first nine monthsended December 31, 2022			For the first nine monthsended December 31, 2023
Net income			1,964,122			4,031,624
Other comprehensive income, net of tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair<br>value through other<br>comprehensive income			(29,503	)		361,529
Remeasurements of defined benefit plans			(12,242	)		(8,170	)
Share of other comprehensive income of equity method investees			(109,051	)		197,931
Total of items that will not be reclassified to profit (loss)			(150,797	)		551,290
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations			529,140			603,550
Net changes in revaluation of financial assets measured at fair<br>value through other<br>comprehensive income			(170,000	)		47,605
Share of other comprehensive income of equity method investees			251,886			181,264
Total of items that may be reclassified subsequently to profit (loss)			611,026			832,420
Total other comprehensive income, net of tax			460,229			1,383,710
Comprehensive income			2,424,351			5,415,334
Comprehensive income for the period attributable to
Toyota Motor Corporation			2,353,007			5,298,565
Non-controlling interests			71,344			116,769
Comprehensive income			2,424,351			5,415,334

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

7

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Income and

UnauditedCondensed Quarterly Consolidated Statement of Comprehensive Income

Unaudited Condensed Quarterly Consolidated Statement of Income

			Yen in millions
	Notes		For the third quarterended December 31, 2022			For the third quarterended December 31, 2023
Sales revenues
Sales of products		VIII		9,019,920			11,128,325
Financial services		VIII		734,765			912,778
Total sales revenues		VIII		9,754,685			12,041,104
Costs and expenses
Cost of products sold				7,385,754			8,802,750
Cost of financial services				435,638			553,063
Selling, general and administrative				976,641			1,004,347
Total costs and expenses				8,798,033			10,360,160
Operating income				956,652			1,680,944
Share of profit (loss) of investments accounted for using the equity method				170,093			217,651
Other finance income				110,164			206,364
Other finance costs				(37,963	)		(34,452	)
Foreign exchange gain (loss), net				(163,080	)		(244,042	)
Other income (loss), net				(868	)		9,075
Income before income taxes				1,034,998			1,835,540
Income tax expense				290,432			451,437
Net income				744,566			1,384,103
Net income attributable to
Toyota Motor Corporation				727,942			1,357,814
Non-controlling interests				16,624			26,289
Net income				744,566			1,384,103
			Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted		IX		53.40			100.62

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

8

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Income and

UnauditedCondensed Quarterly Consolidated Statement of Comprehensive Income

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

		Yen in millions
	Notes	For the third quarterended December 31, 2022			For the third quarterended December 31, 2023
Net income			744,566			1,384,103
Other comprehensive income, net of tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair<br>value through other<br>comprehensive income			(55,682	)		(15,089	)
Remeasurements of defined benefit plans			(3,546	)		(2,969	)
Share of other comprehensive income of equity method investees			(28,947	)		19,116
Total of items that will not be reclassified to profit (loss)			(88,175	)		1,058
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations			(714,507	)		(340,565	)
Net changes in revaluation of financial assets measured at fair<br>value through other<br>comprehensive income			13,228			111,982
Share of other comprehensive income of equity method investees			14,675			13,370
Total of items that may be reclassified subsequently to profit (loss)			(686,605	)		(215,213	)
Total other comprehensive income, net of tax			(774,780	)		(214,155	)
Comprehensive income			(30,214	)		1,169,948
Comprehensive income for the period attributable to
Toyota Motor Corporation			(18,411	)		1,152,843
Non-controlling interests			(11,803	)		17,105
Comprehensive income			(30,214	)		1,169,948

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

9

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Changes in Equity

For the first nine months ended December 31, 2022

			Yen in millions
	Notes		Commonstock		Additional<br>paid-incapital			Retained<br>earnings			Other<br>componentsof equity			Treasurystock			Toyota MotorCorporationshareholders’equity			Non-controllinginterests			Totalshareholders’equity
Balances at April 1, 2022				397,050		498,575			26,453,126			2,203,254			(3,306,037	)		26,245,969			908,851			27,154,820
Comprehensive income
Net income				—		—			1,899,026			—			—			1,899,026			65,096			1,964,122
Other comprehensive income, net of tax				—		—			—			453,981			—			453,981			6,248			460,229
Total comprehensive income				—		—			1,899,026			453,981			—			2,353,007			71,344			2,424,351
Transactions with owners and other
Dividends paid		VII		—		—			(727,980	)		—			—			(727,980	)		(84,573	)		(812,552	)
Repurchase of treasury stock				—		—			—			—			(336,577	)		(336,577	)		—			(336,577	)
Reissuance of treasury stock				—		334			—			—			573			907			—			907
Equity transactions and other				—		499			—			—			—			499			18,575			19,074
Total transactions with owners and other				—		833			(727,980	)		—			(336,004	)		(1,063,151	)		(65,997	)		(1,129,148	)
Reclassification to retained earnings				—		—			72,019			(72,019	)		—			—			—			—
Balances at December 31, 2022				397,050		499,408			27,696,192			2,585,216			(3,642,041	)		27,535,825			914,198			28,450,023
For the first nine months ended December 31, 2023
			Yen in millions
	Notes		Commonstock		Additional<br>paid-incapital			Retained<br>earnings			Other<br>componentsof equity			Treasurystock			Toyota MotorCorporationshareholders’equity			Non-controllinginterests			Totalshareholders’equity
Balances at April 1, 2023				397,050		498,728			28,343,296			2,836,195			(3,736,562	)		28,338,706			925,507			29,264,213
Comprehensive income
Net income				—		—			3,947,242			—			—			3,947,242			84,382			4,031,624
Other comprehensive income, net of tax				—		—			—			1,351,323			—			1,351,323			32,387			1,383,710
Total comprehensive income				—		—			3,947,242			1,351,323			—			5,298,565			116,769			5,415,334
Transactions with owners and other
Dividends paid		VII		—		—			(880,197	)		—			—			(880,197	)		(89,298	)		(969,494	)
Repurchase of treasury stock				—		—			—			—			(191,584	)		(191,584	)		—			(191,584	)
Reissuance of treasury stock				—		263			—			—			649			911			—			911
Equity transactions and other				—		(4,704	)		—			—			—			(4,704	)		9,290			4,586
Total transactions with owners and other				—		(4,442	)		(880,197	)		—			(190,935	)		(1,075,573	)		(80,008	)		(1,155,581	)
Reclassification to retained earnings				—		—			316,450			(316,450	)		—			—			—			—
Balances at December 31, 2023				397,050		494,286			31,726,790			3,871,068			(3,927,497	)		32,561,697			962,269			33,523,966

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

10

TOYOTA MOTOR CORPORATION

Unaudited Condensed Quarterly Consolidated Statement of Cash Flows

			Yen in millions
	Notes		For the first nine monthsended December 31, 2022			For the first nine monthsended December 31, 2023
Cash flows from operating activities
Net income				1,964,122			4,031,624
Depreciation and amortization				1,534,759			1,535,393
Interest income and interest costs related to financial services, net				(534,217	)		(564,332	)
Share of profit (loss) of investments accounted for using the equity method				(474,716	)		(596,181	)
Income tax expense				905,153			1,325,441
Changes in operating assets and liabilities, and other				(1,432,634	)		(3,340,602	)
Interest received				1,082,133			1,620,707
Dividends received				459,340			581,452
Interest paid				(401,044	)		(775,664	)
Income taxes paid, net of refunds				(1,276,972	)		(1,031,698	)
Net cash provided by (used in) operating activities				1,825,923			2,786,141
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others				(1,095,573	)		(1,242,206	)
Additions to equipment leased to others				(1,406,217	)		(2,048,034	)
Proceeds from sales of fixed assets excluding equipment leased to others				35,211			77,716
Proceeds from sales of equipment leased to others				1,261,624			1,445,164
Additions to intangible assets				(253,581	)		(234,748	)
Additions to public and corporate bonds and stocks				(1,104,568	)		(1,926,369	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and<br>corporate bonds				941,742			1,783,141
Other, net		X		107,768			(2,084,792	)
Net cash provided by (used in) investing activities				(1,513,593	)		(4,230,129	)
Cash flows from financing activities
Increase (decrease) in short-term debt				222,629			486,043
Proceeds from long-term debt				6,591,101			8,410,408
Payments of long-term debt				(6,161,781	)		(6,112,456	)
Dividends paid to Toyota Motor Corporation common shareholders		VII		(727,980	)		(880,197	)
Dividends paid to non-controlling interests				(84,573	)		(89,298	)
Reissuance (repurchase) of treasury stock				(336,577	)		(191,584	)
Other, net				—			11,544
Net cash provided by (used in) financing activities				(497,181	)		1,634,461
Effect of exchange rate changes on cash and cash equivalents				93,285			(124,286	)
Net increase (decrease) in cash and cash equivalents				(91,566	)		66,188
Cash and cash equivalents at beginning of period				6,113,655			7,516,966
Cash and cash equivalents at end of period				6,022,089			7,583,154

The accompanying notes are an integral part of these condensed quarterly consolidated financial statements.

11

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

I.	Reporting entity

Toyota Motor Corporation (“TMC”) is a limited liability, joint-stock company located in Japan, and TMC’s principal executive offices are registered in Toyota City, Aichi Prefecture. For the first nine months and third quarter ended December 31, 2023, the condensed quarterly consolidated financial statements of the group consist of TMC, its consolidated subsidiaries (collectively, “Toyota”) and their interests in associates and joint ventures.

Toyota and its associates are primarily engaged in the design, manufacture, and sale of sedans, minivans, compact cars, SUVs, trucks and related parts and accessories throughout the world. In addition, Toyota and its associates provide financing, vehicle leasing and certain other financial services primarily to its dealers and their customers to support the sales of vehicles and other products manufactured by Toyota and its associates.

II.	Basis of preparation

1. Compliance with international financial reporting standards

Toyota’s condensed quarterly consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The condensed quarterly consolidated financial statements should be read in conjunction with Toyota’s consolidated financial statements for the fiscal year ended March 31, 2023, since the condensed quarterly consolidated financial statements do not include all the information required in the annual consolidated financial statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”).

The condensed quarterly consolidated financial statements were approved on February 6, 2024 by the Board of Directors.

2. Basis of measurement

Toyota’s condensed quarterly consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities measured at fair value and assets and liabilities associated with defined benefit plans.

3. Functional currency and presentation currency

The condensed quarterly consolidated financial statements are presented in Japanese yen, which is the functional currency of TMC. All financial information presented in Japanese yen has been rounded to the nearest million Japanese yen, except when otherwise indicated. Amounts may not sum to totals due to rounding.

III.	Material accounting policies

Toyota’s condensed quarterly consolidated financial statements are prepared based on the same accounting policies as those applied and described in the consolidated financial statements for the fiscal year ended March 31, 2023.

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

IV.	Significant accounting judgments and estimates

The preparation of the condensed quarterly consolidated financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the application of accounting policies, the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. These estimates and underlying assumptions are reviewed on a continuous basis. Changes in these accounting estimates are recognized in the period in which the estimates were revised and in any future periods affected.

The condensed quarterly consolidated financial statements are prepared based on generally the same judgments and estimations as those applied and described in Toyota’s consolidated financial statements for the fiscal year ended March 31, 2023.

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

V.	Segment information

1. Outline of reporting segments

The operating segments reported below are the segments of Toyota for which separate financial information is available and for which operating income/loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance.

The major portions of Toyota’s operations on a worldwide basis are derived from the Automotive and Financial services business segments. The Automotive segment designs, manufactures and distributes sedans, minivans, compact cars, SUVs, trucks and related parts and accessories. The Financial services segment consists primarily of financing and vehicle leasing operations to assist in the merchandising of Toyota’s products as well as other products. The All other segment includes telecommunications and other businesses.

2. Segment operating results

For the first nine months ended December 31, 2022:

	Yen in millions
	Automotive		Financialservices		All other		Elimination			Consolidated
Sales revenues
Revenues from external customers		24,967,263		2,080,183		416,587		—			27,464,033
Inter-segment revenues and transfers		33,248		17,948		429,059		(480,255	)		—
Total		25,000,512		2,098,131		845,646		(480,255	)		27,464,033
Operating expenses		23,278,719		1,774,134		788,459		(475,375	)		25,365,938
Operating income		1,721,792		323,996		57,187		(4,880	)		2,098,095

For the first nine months ended December 31, 2023:

	Yen in millions
	Automotive		Financialservices		All other		Elimination			Consolidated
Sales revenues
Revenues from external customers		31,111,157		2,510,953		400,610		—			34,022,720
Inter-segment revenues and transfers		119,929		32,756		582,516		(735,202	)		—
Total		31,231,087		2,543,709		983,126		(735,202	)		34,022,720
Operating expenses		27,511,158		2,126,771		859,136		(714,583	)		29,782,483
Operating income		3,719,929		416,938		123,990		(20,619	)		4,240,238

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

For the third quarter ended December 31, 2022:

	Yen in millions
	Automotive		Financialservices		All other		Elimination			Consolidated
Sales revenues
Revenues from external customers		8,857,703		734,765		162,217		—			9,754,685
Inter-segment revenues and transfers		13,726		6,978		149,990		(170,693	)		—
Total		8,871,429		741,742		312,207		(170,693	)		9,754,685
Operating expenses		8,052,625		616,683		293,715		(164,991	)		8,798,033
Operating income		818,803		125,059		18,492		(5,702	)		956,652

For the third quarter ended December 31, 2023:

	Yen in millions
	Automotive		Financialservices		All other		Elimination			Consolidated
Sales revenues
Revenues from external customers		10,979,328		912,778		148,997		—			12,041,104
Inter-segment revenues and transfers		86,451		9,565		208,463		(304,479	)		—
Total		11,065,779		922,343		357,460		(304,479	)		12,041,104
Operating expenses		9,593,149		750,306		313,274		(296,569	)		10,360,160
Operating income		1,472,630		172,037		44,187		(7,910	)		1,680,944

Accounting policies applied by each segment are in conformity with those of Toyota’s condensed quarterly consolidated financial statements. Transfers between industry segments are made in accordance with terms and conditions in the ordinary course of business.

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

3. Geographic information

For the first nine months ended December 31, 2022:

	Yen in millions
	Japan		North America			Europe		Asia		Other		Elimination			Consolidated
Sales revenues
Revenues from external customers		6,298,816		10,236,949			2,937,082		5,423,302		2,567,885		—			27,464,033
Inter-segment revenues and transfers		6,473,378		225,462			131,001		709,701		75,533		(7,615,076	)		—
Total		12,772,194		10,462,411			3,068,084		6,133,003		2,643,418		(7,615,076	)		27,464,033
Operating expenses		11,230,847		10,551,421			3,051,369		5,572,630		2,467,387		(7,507,716	)		25,365,938
Operating income (loss)		1,541,347		(89,010	)		16,714		560,374		176,031		(107,360	)		2,098,095

For the first nine months ended December 31, 2023:

	Yen in millions
	Japan		North America		Europe		Asia		Other		Elimination			Consolidated
Sales revenues
Revenues from external customers		7,863,326		13,325,538		4,051,171		5,809,168		2,973,517		—			34,022,720
Inter-segment revenues and transfers		8,273,877		228,855		128,101		873,350		190,277		(9,694,460	)		—
Total		16,137,203		13,554,393		4,179,271		6,682,518		3,163,794		(9,694,460	)		34,022,720
Operating expenses		13,452,016		13,037,822		3,893,730		6,032,907		2,964,824		(9,598,816	)		29,782,483
Operating income		2,685,187		516,571		285,542		649,611		198,971		(95,644	)		4,240,238

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

For the third quarter ended December 31, 2022:

	Yen in millions
	Japan		North America			Europe		Asia		Other		Elimination			Consolidated
Sales revenues
Revenues from external customers		2,325,214		3,517,940			1,117,901		1,924,807		868,823		—			9,754,685
Inter-segment revenues and transfers		2,257,022		70,964			37,797		259,181		38,280		(2,663,244	)		—
Total		4,582,236		3,588,903			1,155,699		2,183,988		907,103		(2,663,244	)		9,754,685
Operating expenses		3,898,817		3,606,882			1,093,004		2,015,261		840,989		(2,656,920	)		8,798,033
Operating income (loss)		683,419		(17,979	)		62,695		168,727		66,114		(6,325	)		956,652

For the third quarter ended December 31, 2023:

	Yen in millions
	Japan		North America		Europe		Asia		Other		Elimination			Consolidated
Sales revenues
Revenues from external customers		2,704,870		4,870,741		1,475,558		2,084,555		905,379		—			12,041,104
Inter-segment revenues and transfers		2,922,023		87,369		45,225		286,778		68,630		(3,410,024	)		—
Total		5,626,893		4,958,110		1,520,783		2,371,333		974,009		(3,410,024	)		12,041,104
Operating expenses		4,522,785		4,730,690		1,417,640		2,132,840		964,723		(3,408,519	)		10,360,160
Operating income		1,104,108		227,420		103,143		238,493		9,286		(1,506	)		1,680,944

“Other” consists of Central and South America, Oceania, Africa and the Middle East.

The above amounts are aggregated by region based on the location of the country where TMC or consolidated subsidiaries are located. Transfers between geographic areas are made in accordance with terms and conditions in the ordinary course of business.

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

4. Sales revenues by location of external customers

In addition to the disclosure requirements under IFRS, Toyota discloses this information in order to provide financial statements users with valuable information.

	Yen in millions
	For the first nine months ended December 31,
	2022		2023
Japan		4,583,412		5,701,175
North America		10,258,864		13,364,366
Europe		2,837,590		3,970,419
Asia		5,520,098		5,955,388
Other		4,264,068		5,031,372
Total		27,464,033		34,022,720
	Yen in millions
	For the third quarter ended December 31,
	2022		2023
Japan		1,680,400		1,925,245
North America		3,532,459		4,890,088
Europe		1,070,624		1,461,779
Asia		1,949,660		2,129,004
Other		1,521,543		1,634,987
Total		9,754,685		12,041,104

“Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

VI.	Fair value measurements

1. Definition of fair value hierarchy

In accordance with IFRS, Toyota classifies fair value measurement into the following three levels based on the observability and significance of the inputs used.

Level 1:	Quoted prices in active markets for identical assets or liabilities
Level 2:	Fair value measurement based on inputs other than quoted prices included within Level 1 that are observable for the<br>assets or liabilities, either directly or indirectly
Level 3:	Fair value measurement based on models using unobservable inputs for the assets or liabilities

2. Method of fair value measurement

The fair value of assets and liabilities is determined using relevant market information and appropriate valuation methods.

The methods and assumptions for measuring the fair value of assets and liabilities are as follows:

(1) Cash and cash equivalents -

Cash equivalents include money market funds and other investments with original maturities of three months or less. In the normal course of business, substantially all cash and cash equivalents and time deposits are highly liquid and are carried at amounts which approximate fair value due to their short duration.

(2) Trade accounts and other receivables and Trade accounts and other payables -

These receivables and payables are carried at amounts which approximate fair value due to their short duration.

(3) Receivables related to financial services -

The fair value of receivables related to financial services is estimated by discounting expected cash flows to present value using internal assumptions, including prepayment speeds, expected credit losses and collateral value.

As unobservable inputs are utilized, the fair value of receivables related to financial services is classified as Level 3.

(4) Other financial assets -

(Public and corporate bonds)

Public and corporate bonds include government bonds. Japanese bonds and foreign bonds, including U.S., European and other bonds, represent 30% and 70% (as of March 31, 2023) and 31% and 69% (as of December 31, 2023) of public and corporate bonds, respectively. Toyota primarily uses quoted market prices for identical assets to measure the fair value of these securities.

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

(Stocks)

Listed stocks on the Japanese stock markets represent 86% (as of March 31, 2023) and 84% (as of December 31, 2023) of stocks that Toyota holds. Toyota primarily uses quoted market prices for identical assets to measure fair value of these securities. Therefore, stocks with an active market are classified as Level 1.

Fair value of stocks with no active market is measured by using the market approach or other appropriate methods. Therefore, stocks with no active market are thus classified as Level 3.

Price book-value ratios (“PBR”) of comparable companies, discount ratios of discounted cash flow valuation method and others are the significant unobservable inputs relating to the fair value measurement of stocks classified as Level 3. The fair value increases (decreases) as PBR of a comparable company rises (declines) or the discount rate declines (rises). The estimated increase or decrease in fair value of stocks if the unobservable inputs were to be replaced by other reasonable alternative assumptions are not significant.

These estimates are based on valuation methods that are considered appropriate in each case. The significant assumptions involved in the estimations include the financial condition and future prospects and trends of the investees and the outcome of the referenced transactions. Due to the uncertain nature of these assumptions or by using different assumptions and estimates, the fair value may be impacted materially.

The shares classified as Level 3 are measured by the responsible department using quarterly available information in accordance with Toyota’s consolidated financial accounting policies and reported to the supervisors along with the basis of the change in fair value.

(5) Derivative financial instruments -

Toyota employs derivative financial instruments, including foreign exchange forward contracts, foreign currency options, interest rate swaps, interest rate currency swap agreements and interest rate options to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. Toyota primarily estimates the fair value of derivative financial instruments using industry-standard valuation models that require observable inputs including interest rates and foreign exchange rates, and the contractual terms. The usage of these models does not require significant judgment to be applied. These derivative financial instruments are classified as Level 2. In other certain cases when market data are not available, key inputs to the fair value measurement include quotes from counterparties, and other market data. Toyota assesses the reasonableness of changes of the quotes using observable market data. These derivative financial instruments are classified as Level 3. Toyota’s derivative fair value measurements consider assumptions about counterparty and Toyota’s own non-performance risk, using such as credit default probabilities.

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

(6) Short-term and long-term debt -

The fair values of short-term and long-term debt including the current portion, except for secured loans provided by securitization transactions using special-purpose entities (“Loans Based on Securitization”), are estimated based on the discounted amounts of future cash flows using Toyota’s current borrowing rates for similar liabilities. As these inputs are observable, the fair value of these debts is classified as Level 2.

The fair values of the Loans Based on Securitization are primarily estimated based on current market rates and credit spreads for debt with similar maturities. Internal assumptions including prepayment speeds and expected credit losses are used to estimate the timing of cash flows to be paid on the underlying securitized assets. In cases where these valuations utilize unobservable inputs, the fair value of the Loans Based on Securitization is classified as Level 3.

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

3. Financial instrument measured at fair value on recurring basis

The following table summarizes the fair values of the assets and liabilities measured at fair value on a recurring basis. Transfers between levels of the fair value are recognized at the date of the event or change in circumstances that caused the transfer:

	Yen in millions
	March 31, 2023
	Level 1		Level 2			Level 3		Total
Other financial assets:
Financial assets measured at fair value through profit or loss
Public and corporate bonds		98,458		88,989			6,369		193,816
Stocks		—		—			168,214		168,214
Derivative financial instruments		—		610,340			—		610,340
Other		334,071		161,981			—		496,052
Total		432,529		861,310			174,583		1,468,422
Financial assets measured at fair value through other comprehensive income
Public and corporate bonds		3,976,333		2,405,823			26,963		6,409,119
Stocks		3,214,720		—			199,060		3,413,780
Other		7,838		—			—		7,838
Total		7,198,891		2,405,823			226,023		9,830,736
Other financial liabilities:
Financial liabilities measured at fair value through profit or loss
Derivative financial instruments		—		(456,257	)		—		(456,257	)
Total		—		(456,257	)		—		(456,257	)
	Yen in millions
	December 31, 2023
	Level 1		Level 2			Level 3		Total
Other financial assets:
Financial assets measured at fair value through profit or loss
Public and corporate bonds		104,669		97,495			8,117		210,281
Stocks		—		—			195,216		195,216
Derivative financial instruments		—		604,611			—		604,611
Other		322,146		250,352			—		572,498
Total		426,815		952,458			203,333		1,582,605
Financial assets measured at fair value through other comprehensive income
Public and corporate bonds		4,097,800		3,209,282			21,390		7,328,472
Stocks		3,390,371		—			186,974		3,577,345
Other		9,778		—			—		9,778
Total		7,497,948		3,209,282			208,364		10,915,594
Other financial liabilities:
Financial liabilities measured at fair value through profit or loss
Derivative financial instruments		—		(413,831	)		—		(413,831	)
Total		—		(413,831	)		—		(413,831	)

22

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

4.Changes in financial instruments classified as level 3 and measured at fair value on recurring basis

The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the periods ended December 31, 2022 and 2023:

	Yen in millions
	For the first nine months ended December 31, 2022
	Public and corporate<br>bonds			Stocks			Derivative<br>financial instruments		Total
Balance at beginning of year		21,852			319,294			—		341,146
Total gains (losses)
Net income (loss)		(183	)		11,548			—		11,365
Other comprehensive income (loss)		—			(8,396	)		—		(8,396	)
Purchases and issuances		2,496			14,534			—		17,029
Sales and settlements		(1,462	)		(12,172	)		—		(13,634	)
Transfer to (from) Level 3		3,101			—			—		3,101
Others		8,054			19,414			—		27,468
Balance at end of period		33,858			344,221			—		378,079
	Yen in millions
	For the first nine months ended December 31, 2023
	Public and corporate<br>bonds			Stocks			Derivative<br>financial instruments		Total
Balance at beginning of year		33,332			367,274			—		400,606
Total gains (losses)
Net income (loss)		(7	)		11,235			—		11,228
Other comprehensive income (loss)		—			5,376			—		5,376
Purchases and issuances		1,699			21,100			—		22,799
Sales and settlements		(3,307	)		(456	)		—		(3,762	)
Transfer to (from) Level 3		1,250			—			—		1,250
Others		(3,460	)		(22,340	)		—		(25,800	)
Balance at end of period		29,507			382,189			—		411,697

Net income (loss) in public and corporate bonds, stocks and derivative financial instruments, other than transactions related to financial services, are each included in “Other finance income” and “Other finance costs” in the accompanying condensed quarterly consolidated statement of income. Transactions related to financial services are included in each of “Sales revenues - Financial services” and “Cost of financial services” in the condensed quarterly consolidated statement of income.

In the reconciliation table above, derivative financial instruments are presented as net of assets and liabilities.

“Others” includes foreign currency translation adjustments for the first nine months ended December 31, 2022 and 2023.

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

5. Financial assets and liabilities measured at amortized cost

The following table summarizes the carrying amount and the fair value of financial assets and liabilities measured on an amortized cost basis:

	Yen in millions
	March 31, 2023
	Carryingamount			Fair value
			Level 1			Level 2		Level 3		Total
Receivables related to financial services		24,770,851			—		—		24,741,916		24,741,916
Interest-bearing liabilities
Long-term debt (Including current portion)		24,333,981			—		18,598,205		5,149,410		23,747,616
	Yen in millions
	December 31, 2023
	Carryingamount			Fair value
			Level 1			Level 2		Level 3		Total
Receivables related to financial services		29,550,720			—		—		29,739,039		29,739,039
Interest-bearing liabilities
Long-term debt (Including current portion)		28,171,181			—		22,081,750		5,702,797		27,784,547

Of financial assets and liabilities that are measured on an amortized cost basis, those with carrying values that approximate fair value are excluded from the table above.

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

VII.	Dividends

The paid dividend amounts are as follows:

For the first nine months ended December 31, 2022

Resolution	Type of shares	Total amount ofdividends<br>(yen in millions)		Dividend per share<br>(yen)		Record date	Effective date
The Board of<br>Directors Meeting<br>on May 11, 2022	Common shares		385,792		28.00	March 31, 2022	May 27, 2022
The Board of<br>Directors Meeting<br>on November 1,<br>2022	Common shares		342,187		25.00	September 30, 2022	November 22, 2022
For the first nine months ended December 31, 2023
Resolution	Type of shares	Total amount ofdividends<br>(yen in millions)		Dividend per share<br>(yen)		Record date	Effective date
The Board of<br>Directors Meeting<br>on May 10, 2023	Common shares		474,781		35.00	March 31, 2023	May 26, 2023
The Board of<br>Directors Meeting<br>on November 1,<br>2023	Common shares		405,416		30.00	September 30, 2023	November 22, 2023

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

VIII.	Sales revenues

The table below shows Toyota’s sales revenues from external customers by business and by product category.

	Yen in millions
	For the first nine months ended December 31,
	2022		2023
Sales of products
Automotive
Vehicles		20,937,299		26,760,258
Parts and components for production		1,300,447		1,266,665
Parts and components for after service		2,113,664		2,341,222
Other		615,854		743,012
Total automotive		24,967,263		31,111,157
All other		416,587		400,610
Total sales of products		25,383,850		31,511,767
Financial services		2,080,183		2,510,953
Total sales revenues		27,464,033		34,022,720
	Yen in millions
	For the third quarter ended December 31,
	2022		2023
Sales of products
Automotive
Vehicles		7,434,573		9,521,585
Parts and components for production		450,954		420,884
Parts and components for after service		734,766		801,858
Other		237,411		235,001
Total automotive		8,857,703		10,979,328
All other		162,217		148,997
Total sales of products		9,019,920		11,128,325
Financial services		734,765		912,778
Total sales revenues		9,754,685		12,041,104

26

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

IX.	Earnings per share

Reconciliation of the difference between basic and diluted earnings per share attributable to Toyota Motor Corporation are as follows:

	Yenin millions		Thousands<br>of shares		Yen
	Net incomeattributable toToyota MotorCorporation		Weighted-averagecommon shares		Earnings per shareattributable toToyota MotorCorporation
For the first nine months ended December 31, 2022
Net income attributable to Toyota Motor Corporation		1,899,026
Basic and Diluted earnings per share attributable to Toyota Motor Corporation		1,899,026		13,684,169		138.78
For the first nine months ended December 31, 2023
Net income attributable to Toyota Motor Corporation		3,947,242
Basic and Diluted earnings per share attributable to Toyota Motor Corporation		3,947,242		13,524,129		291.87
	Yenin millions		Thousands<br>of shares		Yen
	Net incomeattributable toToyota MotorCorporation		Weighted-averagecommon shares		Earnings per shareattributable toToyota MotorCorporation
For the third quarter ended December 31, 2022
Net income attributable to Toyota Motor Corporation		727,942
Basic and Diluted earnings per share attributable to Toyota Motor Corporation		727,942		13,632,403		53.40
For the third quarter ended December 31, 2023
Net income attributable to Toyota Motor Corporation		1,357,814
Basic and Diluted earnings per share attributable to Toyota Motor Corporation		1,357,814		13,494,135		100.62

“Diluted earnings per share attributable to Toyota Motor Corporation” equals “Basic earnings per share attributable to Toyota Motor Corporation” for both the first nine months and the third quarters ended December 31, 2022 and 2023, because there were no potential dilutive shares during such periods.

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

X.	Supplemental cash flow information

“Other, net” in cash flows from investing activities includes a net decrease in time deposits of ¥165,863 million and a net increase in time deposits of ¥2,088,534 million for the first nine months ended December 31, 2022 and 2023, respectively.

XI.	Contingencies

Guarantees -

Toyota enters into contracts with Toyota dealers to guarantee customers’ payments of their installment payables that arise from installment contracts between customers and Toyota dealers, as and when requested by Toyota dealers. Toyota is required to execute its guarantee primarily when customers are unable to make required payments.

The maximum potential amount of future payments as of December 31, 2023 is ¥3,530,875 million. Liabilities for guarantees totaling ¥13,719 million have been provided as of December 31, 2023. Under these guarantee contracts, Toyota is entitled to recover any amount paid by Toyota from the customers whose original obligations Toyota has guaranteed.

Legal proceedings -

Toyota and other automakers have been named in certain class actions filed in Mexico, Australia, Israel, Brazil and Argentina relating to Takata airbag issues. The actions in Brazil and Argentina are being litigated. The actions in Mexico, Australia and Israel have been resolved.

Toyota is named as a defendant in an economic loss class action lawsuit in Australia in which damages are claimed on the basis that diesel particulate filters in certain vehicle models are defective. Toyota received an unfavorable judgment both in the court of first instance on April 7, 2022 and in the appeal court on March 27, 2023. The judgments included a finding that there was a perceived reduction in vehicle value of certain vehicle models. Toyota disagrees with the judgments and has filed an application for a further appeal. Other claims of economic loss in this class action lawsuit continue to be litigated at the court of first instance. In estimating the provision Toyota should record in the condensed quarterly consolidated financial statements as a result of the aforementioned judgments, Toyota has considered various factors including the legal and factual circumstances of the case, the contents of the judgments, and the views of legal counsel. The currently estimated probable economic outflow related to the class action is immaterial to Toyota’s consolidated financial position, results of operations and cash flows. At this stage, however, the final outcome and therefore ultimate financial liability for Toyota on account of this matter cannot be predicted with certainty.

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TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

In April 2020, Toyota reported possible anti-bribery violations related to a Thai subsidiary to the SEC and the Department of Justice (“DOJ”), and is cooperating with their investigations. Investigations by governmental authorities related to these matters could result in the imposition of civil or criminal penalties, fines or other sanctions, or litigation. Toyota cannot predict the scope, duration or outcome of these matters at this time.

Toyota also has various other pending legal actions and claims, including without limitation personal injury and wrongful death lawsuits and claims in the United States, as well as intellectual property litigation, and is subject to government investigations from time to time.

Beyond the amounts accrued with respect to all aforementioned matters, Toyota is unable to estimate a range of reasonably possible loss, if any, for the pending legal matters because (i) many of the proceedings are in evidence gathering stages, (ii) significant factual issues need to be resolved, (iii) the legal theory or nature of the claims is unclear, (iv) the outcome of future motions or appeals is unknown and/or (v) the outcomes of other matters of these types vary widely and do not appear sufficiently similar to offer meaningful guidance. Therefore, for all of the aforementioned matters, which Toyota is in discussions to resolve, any losses that are beyond the amounts accrued could have an adverse effect on Toyota’s financial position, results of operations or cash flows.

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