As a designer by trade there is a lot I don't like about this. I do think the typeface works, and honestly, they should have just used the Ö for the icon. The Venn Diagram inspired mark is where all my issues lie; the shape is too similar to the chiseled "O" but also different enough to where it looks out of place and provided no cohesive tie to the typeface. Plus, the visual balance is off, the diamond inside the icon should anchor to the cap height and baseline of the "Ohlins". Simplest solution is usually the best one...