The company’s history began in 1936, and was known as Toyoda Automatic Loom Works Ltd. When it brought its first passenger car off the line, it needed a new trademark to commemorate the launch and a competition was held to establish a logo design that would promote the company’s vehicles. The design requirement was to create an impression that would illustrate the feeling of speed, as well as expressing the company’s mission, philosophy, and mutual trust between its customers and Toyota. The winning logo resulted in the change of the name from ‘Toyoda’ to ‘Toyota’, and the “T” composed of the three ovals of red and white. Originally, the Japanese lettering for the brand, utilizing eight individual strokes to form the name, was also chosen because the number eight was considered to bring good luck and prosperity.