Founded in 1937 the Toyota Motor Corporation was formed by Kiichiro Toyoda as a "spin off" from Toyota Industries with the aim of manufacturing and producing automobiles.
The company has since gone to employ over 300000 people worldwide and be the ninth largest company in the world based on revenue. For a period in 2010 the company was ranked number one in global units produced and in July 2012 it was reported the company had produced its 200 millionth vehicle.
Back in 1936 the company held a competition for entrants to suggest a new logo which would highlight the speed and efficiency of the company's new production line.
The company received 27000 entries with the winning entry not only being chosen to represent the production line but the company logo as a whole.
This resulted in the company as a whole adopting the new logo and the name changing from Toyoda to Toyota as it was thought that the new name sounded better and its eight strokes in the Japanese language is associated with wealth and good fortune.