Toyoda, an uncle of current Toyota CEO Akio Toyoda, died of pneumonia on December 30, the firm said in a statement.
His funeral has already been held and was attended by close relatives, but Toyota said it plans to hold a separate farewell ceremony.
Toyoda joined the company -- founded by his father Kiichiro Toyoda -- in 1953 and in 1984 became the first president of a new firm formed by Toyota and General Motors.
Toyoda served as Toyota president between 1992 and 1995.
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