This is a miniature reproduction of a classic, kiddie pedal-powered car, like they had back in the 1950s. It's made real well, too. In fact, it has a bit of heft to it because it was made out of some kind of heavy-duty metal.
I received it as a gift years ago and I still really dig it! The color combo is perfect. That shade of blue is my favorite, and I've always liked red. If only I could shrink down to the appropriate size in order to ride it... Just imagine how much money I'd save on gas AND car insurance!