The company's name is based on the British term "[to give someone] a bollocking", which is a strong verbal chastisement of someone, and "bollocks", a British slang term for testicles.
Supporting this, the logo resembles a pair of hanging testicles.
In Korean, "Bollokan" means "Convex", which describes the convex hanging on the top of the logo.
The company's name is similar to "Bulacan", a province in The Philippines, the country which it's company's real-life counterpart, Hyundai Motor Company is popular in the country. and the word "bulok", means rotten or corrupt in Filipino referring to the fashion of some Hyundai cars being a typical vehicle indicating a car with limited engineering, as Hyundai Motor Company initially produced low-quality econobox cars for export to the North American market in the mid-1980s, before moving to more upmarket vehicles.