An Iacocca family member told TMZ that the legendary US auto exec had passed away, but did not provide further details.
Iacocca started his career in the automotive industry in 1946 at the Ford Motor Company. He is credited with leading the engineering team that developed and created the first iteration of the iconic Ford Mustang automobile in 1964.
In 1970, Iacocca became Ford's CEO before being fired by Henry Ford II some 8 years later, TMZ reported.
Lee then joined Chrysler and become company CEO. He reportedly became a household name across the US when he starred in a series of TV advertisements for Chrysler with a famous catchphrase: "If you can find a better car, buy it".
US President Ronald Reagan appointed Iacocca as a chairman of the Statue of Liberty-Ellis Island Centennial Commission in the 1980s and tasked Lee with raising money to restore the Statue of Liberty.