Well, now you've got me thinking..
I do have another picture of it (below) which led me to think this was a real car; but studying the picture again I see it has a curiously re-positioned rear wheel... And the name I had for it isn't its name at all, just its colour in Portuguese..
I'll do a little more digging but I may have to concede this isn't a real car at all, give you your point and merge it with the original DKW-Vemag Fissore puzzle of Otto's!