[Asia Economy Reporter Baek Jong-min] Shoichiro Toyoda, Honorary Chairman who led Japan's Toyota Motor Corporation to become the world's largest automobile company, passed away on the 14th due to heart failure. He was 97 years old.
Honorary Chairman Toyoda was born in 1925 in Nagoya as the eldest son of Kiichiro Toyoda, the actual founder of Toyota Motor Corporation. After his father passed away in 1952, he joined Toyota Motor Industry (at that time) and served as president from 1982 to 1992, growing Toyota into a representative Japanese automobile company. After serving as chairman of the board, he became honorary chairman in 2009 and retired from active duty.
Following the oil crisis in the 1970s, as Toyota's car sales in the United States increased significantly and US-Japan trade friction arose, he led Toyota's global production policy by strengthening overseas bases, including building factories in the United States and Canada to start local production. Introducing Toyota's luxury brand 'Lexus' and launching the hybrid car Prius are also credited as achievements of Honorary Chairman Toyoda. He was also well known as a manager who valued 'Genba (the actual site)' for innovation and quality.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
