I doubt its a modified swastika any more than Columbia Sportswear logo[0] is a modified swastika.
In 1937 the Nazis were already well established in Germany, and WW2 hadn't started yet. I would think that if it was meant to be a swastika, they wouldn't have to allude to it, they would just use it. Ferdinand Porsche[1] (founder VW) was even a member of the Nazi party and SS and worked closely with the SS and received awards from them (though also characterized an a apolitical person, it sort of looks like he had no problems "going along to get along" in matters of furthering his engineering). There is a real story of VW, Porsche, and Nazis, but it's not clear that this logo[3] is part of it.
