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 November, 2023

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 November 10, 2023.
II.	The registrant’s Unaudited Condensed Consolidated Financial Statements for the periods ended<br>September 30, 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<br>Moriyama
	Name:	Yoshihide Moriyama
	Title:	General Manager,
		Capital Strategy & Affiliated Companies Finance Division

Date: November 30, 2023

QUARTERLY SECURITIES REPORT

Japanese-language Quarterly Securities Report for the period ended September 30, 2023, as filed with the Director of the Kanto Local Finance Bureau of the Ministry of Finance of Japan on November 10, 2023, 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 585 thousand units, or 14.1%, to 4,744 thousand units in FY2024 first half (the first half ended September 30, 2023) compared with FY2023 first half (the first half ended September 30, 2022). Vehicle unit sales in Japan increased by 202 thousand units, or 23.3%, to 1,072 thousand units in FY2024 first half compared with FY2023 first half. Overseas vehicle unit sales increased by 382 thousand units, or 11.6%, to 3,672 thousand units in FY2024 first half compared with FY2023 first half.

The results of operations for FY2024 first half were as follows:

Sales revenues	¥	21,981.6 billion	(an increase of ¥4,272.2 billion or 24.1%<br><br><br>compared with FY2023 first half)
Operating income	¥	2,559.2 billion	(an increase of ¥1,417.8 billion or 124.2%<br><br><br>compared with FY2023 first half)
Income before income taxes	¥	3,521.5 billion	(an increase of ¥1,687.2 billion or 92.0%<br><br><br>compared with FY2023 first half)
Net income attributable to Toyota Motor Corporation	¥	2,589.4 billion	(an increase of ¥1,418.3 billion or 121.1%<br><br><br>compared with FY2023 first half)

The changes in operating income were as follows:

Marketing efforts	an increase of ¥1,290.0 billion
Effects of changes in exchange rates	an increase of ¥260.0 billion
Cost reduction efforts	a decrease of ¥110.0 billion
Increase or decrease in expenses and expense reduction efforts	a decrease of ¥220.0 billion
Other	an increase of ¥197.8 billion

1

TOYOTA MOTOR CORPORATION

Analysis of Results of Operations

Segment operating results

(i)	Automotive:

Sales revenues for the automotive operations increased by ¥4,036.2 billion, or 25.0%, to ¥20,165.3 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥1,344.3 billion, or 148.9%, to ¥2,247.2 billion in FY2024 first half compared with FY2023 first half. The increase in operating income was mainly due to marketing efforts.

(ii)	Financial services:

Sales revenues for the financial services operations increased by ¥264.9 billion, or 19.5%, to ¥1,621.3 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥45.9 billion, or 23.1%, to ¥244.9 billion in FY2024 first half compared with FY2023 first half. 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 ¥92.2 billion, or 17.3%, to ¥625.6 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥41.1 billion, or 106.2%, to ¥79.8 billion in FY2024 first half compared with FY2023 first half.

2

TOYOTA MOTOR CORPORATION

Analysis of Results of Operations

Geographic information

(i)	Japan:

Sales revenues in Japan increased by ¥2,320.3 billion, or 28.3%, to ¥10,510.3 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥723.1 billion, or 84.3%, to ¥1,581.0 billion in FY2024 first half compared with FY2023 first half. 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 ¥1,722.7 billion, or 25.1%, to ¥8,596.2 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥360.1 billion, to ¥289.1 billion in FY2024 first half compared with FY2023 first half. The increase in operating income was mainly due to marketing efforts and cost reduction efforts.

(iii)	Europe:

Sales revenues in Europe increased by ¥746.1 billion, or 39.0%, to ¥2,658.4 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥228.3 billion, to ¥182.3 billion in FY2024 first half compared with FY2023 first half. The increase in operating income was mainly due to marketing efforts and the effect of recording a loss of ¥96.9 billion in FY2023 first half from terminating vehicle production in Russia.

(iv)	Asia:

Sales revenues in Asia increased by ¥362.1 billion, or 9.2%, to ¥4,311.1 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥19.4 billion, or 5.0%, to ¥411.1 billion in FY2024 first half compared with FY2023 first half. 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 ¥453.4 billion, or 26.1%, to ¥2,189.7 billion in FY2024 first half compared with FY2023 first half, and operating income increased by ¥79.7 billion, or 72.6%, to ¥189.6 billion in FY2024 first half compared with FY2023 first half. 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			September 30,2023
Assets
Current assets
Cash and cash equivalents			7,516,966			7,926,063
Trade accounts and other receivables			3,586,130			3,738,439
Receivables related to financial services			8,279,806			9,964,278
Other financial assets			1,715,675			3,494,692
Inventories			4,255,614			4,749,878
Income tax receivable			218,704			182,247
Other current assets			886,885			996,842
Total current assets			26,459,781			31,052,438
Non-current assets
Investments accounted for using the equity method			5,227,345			5,570,443
Receivables related to financial services			16,491,045			19,118,129
Other financial assets			10,556,431			11,185,272
Property, plant and equipment
Land			1,426,370			1,443,141
Buildings			5,464,811			5,718,603
Machinery and equipment			14,796,619			15,847,591
Vehicles and equipment on operating leases			6,774,427			7,383,194
Construction in progress			846,866			1,004,753
Total property, plant and equipment, at cost			29,309,093			31,397,283
Less - Accumulated depreciation and impairment losses			(16,675,119	)		(17,777,602	)
Total property, plant and equipment, net			12,633,974			13,619,681
Right of use assets			491,368			514,696
Intangible assets			1,249,122			1,309,946
Deferred tax assets			387,427			441,902
Other non-current assets			806,687			848,884
Total non-current assets			47,843,399			52,608,953
Total assets			74,303,180			83,661,391

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			September 30,2023
Liabilities
Current liabilities
Trade accounts and other payables			4,986,309			5,227,888
Short-term and current portion of long-term debt			12,305,639			14,068,253
Accrued expenses			1,552,345			1,599,860
Other financial liabilities			1,392,397			1,560,246
Income taxes payable			404,606			651,446
Liabilities for quality assurance			1,686,357			1,839,034
Other current liabilities			1,632,063			1,958,229
Total current liabilities			23,959,715			26,904,958
Non-current liabilities
Long-term debt			17,074,634			19,330,739
Other financial liabilities			533,710			626,909
Retirement benefit liabilities			1,065,508			1,126,636
Deferred tax liabilities			1,802,346			2,120,186
Other non-current liabilities			603,052			699,195
Total non-current liabilities			21,079,251			23,903,665
Total liabilities			45,038,967			50,808,623
Shareholders’ equity
Common stock			397,050			397,050
Additional paid-in capital			498,728			498,052
Retained earnings			28,343,296			30,747,689
Other components of equity			2,836,195			4,102,743
Treasury stock			(3,736,562	)		(3,852,421	)
Total Toyota Motor Corporation shareholders’ equity			28,338,706			31,893,112
Non-controlling interests			925,507			959,656
Total shareholders’ equity			29,264,213			32,852,768
Total liabilities and shareholders’ equity			74,303,180			83,661,391

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<br>half endedSeptember 30,<br>2022			For the first<br>half endedSeptember 30,<br>2023
Sales revenues
Sales of products		VIII		16,363,930			20,383,442
Financial services		VIII		1,345,419			1,598,175
Total sales revenues		VIII		17,709,348			21,981,617
Costs and expenses
Cost of products sold				14,049,248			16,542,695
Cost of financial services				845,222			1,006,082
Selling, general and administrative				1,673,434			1,873,546
Total costs and expenses				16,567,905			19,422,323
Operating income				1,141,444			2,559,294
Share of profit (loss) of investments accounted for<br><br><br>using the equity method				304,623			378,530
Other finance income				197,354			337,941
Other finance costs				(70,350	)		(44,300	)
Foreign exchange gain (loss), net				291,455			299,376
Other income (loss), net				(30,250	)		(9,314	)
Income before income taxes				1,834,276			3,521,525
Income tax expense				614,720			874,004
Net income				1,219,556			2,647,521
Net income attributable to
Toyota Motor Corporation				1,171,084			2,589,428
Non-controlling interests				48,472			58,093
Net income				1,219,556			2,647,521
			Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted		IX		85.42			191.26

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<br>half ended<br>September 30,<br>2022			For the first<br>half ended<br>September 30,<br>2023
Net income			1,219,556			2,647,521
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			26,178			376,618
Remeasurements of defined benefit plans			(8,696	)		(5,201	)
Share of other comprehensive income of equity method investees			(80,105	)		178,815
Total of items that will not be reclassified to profit (loss)			(62,622	)		550,232
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations			1,243,648			944,115
Net changes in revaluation of financial assets measured at fair<br>value through other<br>comprehensive income			(183,228	)		(64,377	)
Share of other comprehensive income of equity method investees			237,212			167,894
Total of items that may be reclassified subsequently to profit (loss)			1,297,631			1,047,633
Total other comprehensive income, net of tax			1,235,009			1,597,865
Comprehensive income			2,454,565			4,245,386
Comprehensive income for the period attributable to
Toyota Motor Corporation			2,371,417			4,145,722
Non-controlling interests			83,147			99,664
Comprehensive income			2,454,565			4,245,386

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 secondquarter endedSeptember 30,<br>2022			For the secondquarter endedSeptember 30,<br>2023
Sales revenues
Sales of products		VIII		8,519,475			10,597,988
Financial services		VIII		698,757			836,798
Total sales revenues		VIII		9,218,232			11,434,786
Costs and expenses
Cost of products sold				7,349,121			8,501,716
Cost of financial services				445,382			563,134
Selling, general and administrative				860,940			931,543
Total costs and expenses				8,655,443			9,996,392
Operating income				562,789			1,438,394
Share of profit (loss) of investments accounted for<br><br><br>using the equity method				133,554			185,174
Other finance income				71,561			147,813
Other finance costs				(50,988	)		(20,961	)
Foreign exchange gain (loss), net				108,196			52,600
Other income (loss), net				(12,583	)		(2,047	)
Income before income taxes				812,528			1,800,972
Income tax expense				351,225			480,341
Net income				461,303			1,320,631
Net income attributable to
Toyota Motor Corporation				434,264			1,278,056
Non-controlling interests				27,040			42,575
Net income				461,303			1,320,631
			Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted		IX		31.73			94.51

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 secondquarter endedSeptember 30,<br>2022			For the secondquarter endedSeptember 30,<br>2023
Net income			461,303			1,320,631
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			(15,435	)		1,584
Remeasurements of defined benefit plans			(5,168	)		(2,127	)
Share of other comprehensive income of equity method investees			(20,100	)		117,892
Total of items that will not be reclassified to profit (loss)			(40,703	)		117,349
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations			325,505			183,933
Net changes in revaluation of financial assets measured at fair<br>value through other<br>comprehensive income			(95,968	)		(56,773	)
Share of other comprehensive income of equity method investees			116,117			126,358
Total of items that may be reclassified subsequently to profit (loss)			345,653			253,519
Total other comprehensive income, net of tax			304,951			370,868
Comprehensive income			766,254			1,691,499
Comprehensive income for the period attributable to
Toyota Motor Corporation			736,238			1,645,123
Non-controlling interests			30,016			46,376
Comprehensive income			766,254			1,691,499

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 half ended September 30, 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				—		—			1,171,084			—			—			1,171,084			48,472			1,219,556
Other comprehensive income, net of tax				—		—			—			1,200,334			—			1,200,334			34,675			1,235,009
Total comprehensive income				—		—			1,171,084			1,200,334			—			2,371,417			83,147			2,454,565
Transactions with owners and other
Dividends paid		VII		—		—			(385,792	)		—			—			(385,792	)		(69,506	)		(455,299	)
Repurchase of treasury stock				—		—			—			—			(195,545	)		(195,545	)		—			(195,545	)
Reissuance of treasury stock				—		334			—			—			573			907			—			907
Equity transactions and other				—		297			—			—			—			297			602			899
Total transactions with owners and other				—		631			(385,792	)		—			(194,972	)		(580,134	)		(68,905	)		(649,038	)
Reclassification to retained earnings				—		—			66,577			(66,577	)		—			—			—			—
Balances at September 30, 2022				397,050		499,206			27,304,994			3,337,011			(3,501,009	)		28,037,253			923,094			28,960,346
For the first half ended September 30, 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				—		—			2,589,428			—			—			2,589,428			58,093			2,647,521
Other comprehensive income, net of tax				—		—			—			1,556,294			—			1,556,294			41,571			1,597,865
Total comprehensive income				—		—			2,589,428			1,556,294			—			4,145,722			99,664			4,245,386
Transactions with owners and other
Dividends paid		VII		—		—			(474,781	)		—			—			(474,781	)		(74,812	)		(549,593	)
Repurchase of treasury stock				—		—			—			—			(116,507	)		(116,507	)		—			(116,507	)
Reissuance of treasury stock				—		263			—			—			649			911			—			911
Equity transactions and other				—		(939	)		—			—			—			(939	)		9,296			8,358
Total transactions with owners and other				—		(676	)		(474,781	)		—			(115,858	)		(591,316	)		(65,516	)		(656,831	)
Reclassification to retained earnings				—		—			289,746			(289,746	)		—			—			—			—
Balances at September 30, 2023				397,050		498,052			30,747,689			4,102,743			(3,852,421	)		31,893,112			959,656			32,852,768

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<br>half ended<br>September 30,<br>2022			For the first<br>half ended<br>September 30,<br>2023
Cash flows from operating activities
Net income				1,219,556			2,647,521
Depreciation and amortization				1,016,123			1,019,961
Interest income and interest costs related to financial services, net				(355,403	)		(367,298	)
Share of profit (loss) of investments accounted for using the equity method				(304,623	)		(378,530	)
Income tax expense				614,720			874,004
Changes in operating assets and liabilities, and other				(398,273	)		(1,899,459	)
Interest received				677,731			1,038,446
Dividends received				355,592			463,630
Interest paid				(229,205	)		(482,012	)
Income taxes paid, net of refunds				(937,422	)		(638,183	)
Net cash provided by (used in) operating activities				1,658,797			2,278,079
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others				(733,675	)		(847,498	)
Additions to equipment leased to others				(930,723	)		(1,298,943	)
Proceeds from sales of fixed assets excluding equipment leased to others				21,016			67,703
Proceeds from sales of equipment leased to others				876,929			932,990
Additions to intangible assets				(160,772	)		(147,974	)
Additions to public and corporate bonds and stocks				(659,075	)		(1,014,675	)
Proceeds from sales of public and corporate bonds and stocks and<br><br><br>upon maturity of public and corporate bonds				744,952			1,215,728
Other, net		X		58,857			(1,558,924	)
Net cash provided by (used in) investing activities				(782,490	)		(2,651,591	)
Cash flows from financing activities
Increase (decrease) in short-term debt				121,280			278,309
Proceeds from long-term debt				4,574,105			5,261,465
Payments of long-term debt				(4,444,965	)		(4,328,396	)
Dividends paid to Toyota Motor Corporation common shareholders		VII		(385,792	)		(474,781	)
Dividends paid to non-controlling interests				(69,506	)		(74,812	)
Reissuance (repurchase) of treasury stock				(195,545	)		(116,507	)
Other, net				—			8,758
Net cash provided by (used in) financing activities				(400,424	)		554,035
Effect of exchange rate changes on cash and cash equivalents				390,632			228,573
Net increase (decrease) in cash and cash equivalents				866,514			409,097
Cash and cash equivalents at beginning of period				6,113,655			7,516,966
Cash and cash equivalents at end of period				6,980,169			7,926,063

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 half and second quarter ended September 30, 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 November 1, 2023 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.

12

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.

13

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 half ended September 30, 2022:

	Yen in millions
	Automotive		Financialservices		All other		Elimination			Consolidated
Sales revenues
Revenues from external customers		16,109,561		1,345,419		254,369		—			17,709,348
Inter-segment revenues and transfers		19,522		10,970		279,069		(309,562	)		—
Total		16,129,083		1,356,388		533,439		(309,562	)		17,709,348
Operating expenses		15,226,094		1,157,451		494,744		(310,384	)		16,567,905
Operating income		902,989		198,937		38,695		822			1,141,444
For the first half ended September 30, 2023:
	Yen in millions
	Automotive		Financialservices		All other		Elimination			Consolidated
Sales revenues
Revenues from external customers		20,131,829		1,598,175		251,613		—			21,981,617
Inter-segment revenues and transfers		33,479		23,191		374,053		(430,723	)		—
Total		20,165,308		1,621,366		625,666		(430,723	)		21,981,617
Operating expenses		17,918,009		1,376,466		545,862		(418,014	)		19,422,323
Operating income		2,247,299		244,900		79,804		(12,709	)		2,559,294

14

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

For the second quarter ended September 30, 2022:

	Yen in millions
	Automotive		Financialservices		All other		Elimination			Consolidated
Sales revenues
Revenues from external customers		8,392,069		698,757		127,406		—			9,218,232
Inter-segment revenues and transfers		16,910		5,507		143,672		(166,089	)		—
Total		8,408,979		704,264		271,078		(166,089	)		9,218,232
Operating expenses		7,955,249		619,840		250,760		(170,406	)		8,655,443
Operating income		453,731		84,424		20,318		4,317			562,789
For the second quarter ended September 30, 2023:
	Yen in millions
	Automotive		Financialservices		All other		Elimination			Consolidated
Sales revenues
Revenues from external customers		10,462,045		836,798		135,943		—			11,434,786
Inter-segment revenues and transfers		15,319		9,388		183,280		(207,987	)		—
Total		10,477,363		846,186		319,223		(207,987	)		11,434,786
Operating expenses		9,175,703		748,579		279,645		(207,534	)		9,996,392
Operating income		1,301,661		97,608		39,578		(453	)		1,438,394

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.

15

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

3. Geographic information

For the first half ended September 30, 2022:

	Yen in millions
	Japan		North America			Europe			Asia		Other		Elimination			Consolidated
Sales revenues
Revenues from external customers		3,973,602		6,719,009			1,819,181			3,498,495		1,699,061		—			17,709,348
Inter-segment revenues and transfers		4,216,356		154,498			93,204			450,520		37,254		(4,951,832	)		—
Total		8,189,958		6,873,507			1,912,385			3,949,015		1,736,315		(4,951,832	)		17,709,348
Operating expenses		7,332,030		6,944,539			1,958,366			3,557,368		1,626,398		(4,850,796	)		16,567,905
Operating income (loss)		857,927		(71,031	)		(45,981	)		391,647		109,917		(101,036	)		1,141,444
For the first half ended September 30,<br>2023:
	Yen in millions
	Japan		North America			Europe			Asia		Other		Elimination			Consolidated
Sales revenues
Revenues from external customers		5,158,456		8,454,796			2,575,613			3,724,613		2,068,138		—			21,981,617
Inter-segment revenues and transfers		5,351,855		141,487			82,875			586,572		121,647		(6,284,436	)		—
Total		10,510,310		8,596,283			2,658,488			4,311,185		2,189,785		(6,284,436	)		21,981,617
Operating expenses		8,929,231		8,307,132			2,476,089			3,900,067		2,000,101		(6,190,298	)		19,422,323
Operating income		1,581,079		289,151			182,399			411,119		189,684		(94,138	)		2,559,294

16

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

For the second quarter ended September 30, 2022:

	Yen in millions
	Japan		North America			Europe			Asia		Other		Elimination			Consolidated
Sales revenues
Revenues from external customers		2,064,560		3,456,159			895,413			1,922,154		879,946		—			9,218,232
Inter-segment revenues and transfers		2,225,630		67,445			43,932			231,197		27,647		(2,595,851	)		—
Total		4,290,191		3,523,603			939,345			2,153,351		907,593		(2,595,851	)		9,218,232
Operating expenses		3,769,028		3,609,234			1,004,938			1,974,433		843,512		(2,545,701	)		8,655,443
Operating income (loss)		521,163		(85,630	)		(65,593	)		178,918		64,081		(50,150	)		562,789
For the second quarter ended September 30,<br>2023:
	Yen in millions
	Japan		North America			Europe			Asia		Other		Elimination			Consolidated
Sales revenues
Revenues from external customers		2,570,275		4,429,081			1,320,159			2,021,702		1,093,567		—			11,434,786
Inter-segment revenues and transfers		2,834,481		75,128			39,262			324,904		71,574		(3,345,350	)		—
Total		5,404,757		4,504,209			1,359,422			2,346,607		1,165,141		(3,345,350	)		11,434,786
Operating expenses		4,525,627		4,334,716			1,260,113			2,121,690		1,060,865		(3,306,618	)		9,996,392
Operating income		879,130		169,493			99,309			224,917		104,276		(38,732	)		1,438,394

“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.

17

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 half ended September 30,
	2022		2023
Japan		2,903,012		3,775,930
North America		6,726,406		8,474,279
Europe		1,766,966		2,508,640
Asia		3,570,439		3,826,384
Other		2,742,526		3,396,385
Total		17,709,348		21,981,617
	Yen in millions
	For the second quarter ended September 30,
	2022		2023
Japan		1,527,138		1,887,446
North America		3,451,542		4,442,356
Europe		894,259		1,282,646
Asia		1,958,074		2,039,445
Other		1,387,219		1,782,892
Total		9,218,232		11,434,786

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

18

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 30% and 70% (as of September 30, 2023) of public and corporate bonds, respectively. Toyota primarily uses quoted market prices for identical assets to measure the fair value of these securities.

19

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 September 30, 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.

20

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.

21

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
	September 30, 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		99,975		98,591			7,111		205,677
Stocks		—		—			198,752		198,752
Derivative financial instruments		—		701,211			—		701,211
Other		368,949		224,589			—		593,537
Total		468,924		1,024,390			205,863		1,699,177
Financial assets measured at fair value through other comprehensive income
Public and corporate bonds		4,094,536		2,702,624			22,980		6,820,140
Stocks		3,462,031		—			181,923		3,643,954
Other		9,233		—			—		9,233
Total		7,565,800		2,702,624			204,903		10,473,327
Other financial liabilities:
Financial liabilities measured at fair value through profit or loss
Derivative financial instruments		—		(625,694	)		—		(625,694	)
Total		—		(625,694	)		—		(625,694	)

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 September 30, 2022 and 2023:

	Yen in millions
	For the first half ended September 30, 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)		(142	)		24,331			—		24,190
Other comprehensive income (loss)		—			7,354			—		7,354
Purchases and issuances		—			6,004			—		6,004
Sales and settlements		(1,548	)		(2,679	)		—		(4,226	)
Transfer to (from) Level 3		(451	)		—			—		(451	)
Others		11,861			29,957			—		41,818
Balance at end of period		31,572			384,262			—		415,835
	Yen in millions
	For the first half ended September 30, 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)		(88	)		18,453			—		18,364
Other comprehensive income (loss)		—			(1,829	)		—		(1,829	)
Purchases and issuances		476			7,636			—		8,112
Sales and settlements		(3,118	)		(409	)		—		(3,527	)
Transfer to (from) Level 3		490			—			—		490
Others		(1,000	)		(10,450	)		—		(11,450	)
Balance at end of period		30,091			380,674			—		410,766

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 half ended September 30, 2022 and 2023.

23

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
	September 30, 2023
	Carryingamount			Fair value
			Level 1			Level 2		Level 3		Total
Receivables related to financial services		29,082,407			—		—		29,022,412		29,022,412
Interest-bearing liabilities
Long-term debt (Including current portion)		27,649,734			—		21,064,246		5,804,833		26,869,080

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.

24

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

VII.	Dividends

The paid dividend amounts are as follows:

For the first half ended September 30, 2022

Resolution	Type of shares	Total amount ofdividends<br>(yen in millions)		Dividend per share<br>(yen)		Recorddate	Effectivedate
The Board of<br>Directors Meeting<br>on May 11, 2022	Common shares		385,792		28.00	March 31, 2022	May 27, 2022

For the first half ended September 30, 2023

Resolution	Type of shares	Total amount ofdividends<br>(yen in millions)		Dividend per share<br>(yen)		Recorddate	Effectivedate
The Board of<br>Directors Meeting<br>on May 10, 2023	Common shares		474,781		35.00	March 31, 2023	May 26, 2023

Dividends of which the record date falls within the first half ended September 30, and the effective date is after the first half ended September 30 are as follows:

For the first half ended September 30, 2022

Resolution	Type of shares	Total amount ofdividends<br>(yen in millions)		Dividend per share<br>(yen)		Recorddate	Effectivedate
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 half ended September 30, 2023

Resolution	Type of shares	Total amount ofdividends<br>(yen in millions)		Dividend per share<br>(yen)		Recorddate	Effectivedate
The Board of<br>Directors Meeting<br>on November 1,<br>2023	Common shares		405,416		30.00	September 30, 2023	November 22, 2023

25

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 half ended September 30,
	2022		2023
Sales of products
Automotive
Vehicles		13,502,726		17,238,673
Parts and components for production		849,493		845,780
Parts and components for after service		1,378,898		1,539,364
Other		378,443		508,011
Total automotive		16,109,561		20,131,829
All other		254,369		251,613
Total sales of products		16,363,930		20,383,442
Financial services		1,345,419		1,598,175
Total sales revenues		17,709,348		21,981,617
	Yen in millions
	For the second quarter ended September 30,
	2022		2023
Sales of products
Automotive
Vehicles		7,048,599		9,029,212
Parts and components for production		439,996		410,499
Parts and components for after service		722,627		804,923
Other		180,847		217,411
Total automotive		8,392,069		10,462,045
All other		127,406		135,943
Total sales of products		8,519,475		10,597,988
Financial services		698,757		836,798
Total sales revenues		9,218,232		11,434,786

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:

	Yen<br>in millions		Thousands<br>of shares		Yen
	Net incomeattributable toToyota MotorCorporation		Weighted-averagecommon shares		Earnings per share<br>attributable to<br>Toyota Motor<br>Corporation
For the first half ended September 30, 2022
Net income attributable to Toyota Motor Corporation		1,171,084
Basic and Diluted earnings per share attributable to Toyota Motor Corporation		1,171,084		13,710,052		85.42
For the first half ended September 30, 2023
Net income attributable to Toyota Motor Corporation		2,589,428
Basic and Diluted earnings per share attributable to Toyota Motor Corporation		2,589,428		13,539,126		191.26
	Yen<br>in millions		Thousands<br>of shares		Yen
	Net income<br>attributable to<br>Toyota Motor<br>Corporation		Weighted-averagecommon shares		Earnings per share<br>attributable to<br>Toyota Motor<br>Corporation
For the second quarter ended September 30, 2022
Net income attributable to Toyota Motor Corporation		434,264
Basic and Diluted earnings per share attributable to Toyota Motor Corporation		434,264		13,687,535		31.73
For the second quarter ended September 30, 2023
Net income attributable to Toyota Motor Corporation		1,278,056
Basic and Diluted earnings per share attributable to Toyota Motor Corporation		1,278,056		13,522,589		94.51

“Diluted earnings per share attributable to Toyota Motor Corporation” equals “Basic earnings per share attributable to Toyota Motor Corporation” for both the first halves and the second quarters ended September 30, 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 ¥283,954 million and a net increase in time deposits of ¥1,352,870 million for the first half ended September 30, 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 September 30, 2023 is ¥3,640,409 million. Liabilities for guarantees totaling ¥15,035 million have been provided as of September 30, 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 Israel, Brazil and Argentina are being litigated. The actions in Mexico and Australia 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 primary court 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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