In 1931, Toyo Kogyo moved from manufacturing machine tools to vehicles with the introduction of the Mazda-Go auto rickshaw. The name Mazda came into existence with the production of the company's first three-wheeled trucks. Other candidates for a model name included Sumera-Go, Tenshi-Go, and more. Officially, the company states: Mazda comes from Ahura Mazda, the god of harmony, intelligence and wisdom from the earliest civilization in West Asia. Key members of Toyo Kogyo interpreted Mazda as a symbol of the beginning of the East and the West civilization, but also a symbol of the automotive civilization and culture."

The company's website further notes that the name also derives from the name of the company's founder, Jujiro Matsuda. The alternative proposed names mean "god" (Sumera) and "angel" (Tenshi); both indicate Matsuda's strong interest in human faith.