Thought this was cool!

I had never thought much about the design, but saw this and was pretty impressed.

 

I noticed the emblem years ago and came up with the same thought as you.

 

https://blog.toyota.co.uk/toyota-logo-download

First introduced in October 1989 to mark Toyota’s 50th anniversary, it took around five years to develop the three-oval logo. The emblem was designed to create a strong, stand out visual identity for the brand and announce the arrival of Toyota in many countries outside of Japan.

The three ovals in the Toyota logo are linked in a horizontally symmetrical layout – so it is recognisable both head-on and when seen in a rear-view mirror.

The inner ovals symbolise the heart of the customer and the heart of the company, overlapping to represent a mutually beneficial relationship and trust between the two, as well as forming a ‘T’ shape for Toyota. The outer oval one signifies the world embracing Toyota.

Each oval is drawn with different stroke thicknesses, pointing to Japanese calligraphy art and culture.

The space in the background within the logo is meant to exhibit the ‘infinite values’ which Toyota stands for. These are: superb quality, value beyond expectation, the joy of driving, innovation, and integrity in safety, the environment and social responsibility.