He was the eldest son of Kiichiro Toyoda, who founded Toyota Motor Corporation in 1937.
"It is with great sadness that we inform you of the passing today of Toyota Motor Corporation Honorary Chairman Shoichiro Toyoda at the age of 97," Toyota said in a statement on Tuesday.
Shoichiro Toyoda took over the company in 1981 and merged the company's separate branches into the corporation we know today. He is considered the founder of the corporate philosophy of Kaizen, which implies constant improvement of manufacturing practices and products of the company. Under his leadership, Toyota opened its first overseas plant in the US state of Kentucky.
In 1999, Shoichiro Toyoda became the honorary chairman, stepping back from direct control over the company, but continued to support his son, Akio Toyoda, who took over the corporation.
In two weeks, Shoichiro Toyoda would have turned 98.