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The story
EMT Madrid was established on 12 November 1947 after the Joint Transport Company dissolved. It was originally a municipal private company and became a joint stock company in 1971. It provided trolleybus service until 1966 and tram services until 1972.
The company's buses were originally blue, a legacy of the Madrid Tram Society, before they were transitioned to red between 1974 and 1986. Light blue natural gas buses were introduced in 1992. In June 2008, a new bus fleet was introduced with a lighter shade of blue, replacing the red fleet.
The company's logo was originally a round E inside an M and T. In the late 1970s, this was changed to two crossing red arrows (or yellow arrows on a red background). In 2010, a blue logo was introduced, mirroring the color change of the buses from two years earlier, with the letters "EMT" above a square with the city's coat of arms alongside the word "Madrid!". In 2018, the logo was changed to a lowercase "e" followed by a ">" sign, styled as blue on a white background, or vice versa.
From Wikipedia’s article on EMT Madrid, shared under CC BY-SA 4.0.4