I've heard that the logo is supposed to represent an arrow (straight and true), a wing (speed) and an eye (looking to the future).

 

However, I've always thought it looks more like a hedgehog! I know some people think it's a chicken, which also could work.

 

But anyway, here's my take on the Skoda logo with Sonic's head - I think my new Skud will be called "Sonic"

In my vision is more like Woody Woodpecker .