Bad logo?

I know everything is left to the eye of the beholder. And while I'm having a difficult time thinking of a logo I find appalling, so I'm using an iffy logo. (Why is that? When you need info the brain denies you retrieval, yet I'll pass something on the way home that will make me shriek...OMG! Who approved that???)
Anyway, Toyota's logo confuses me. What is it?