I own a Toyota Camry and never gave much thought to what the logo meant. From far it looked like a T to me, which stood for Toyota. While doing the research for this logo, I found out that it is actually three elipses depicting the heart of the customer, the heart of the product, and the ever-expanding technological advancements and boundless opportunities that lie ahead.
I finally found the official explaination from Toyota, thanks to JoAnn Paules
The current Toyota Mark consists of three ovals: the two perpendicular center ovals represent a relationship of mutual trust between the customer and Toyota. These ovals combine to symbolize the letter "T" for Toyota. The space in the background implies a global expansion of Toyota's technology and unlimited potential for the future.
One website even described it as a cowboy with a big hat. :-)
Click here for more information on the History, Design and Meaning of Car Logos .
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