Yes, 1950 is correct. I think the name of the second driver was Erich Hofmogel, but I have to look it up.
The car was designed and built by the "Arbeitsgruppe Chemnitz", a team of racing enthusiasts at the former Wanderer factory. Although it was an Eigenbau and not factory-built, the IFA combinate used it, slightly retouched, in an advertisement where I took the picture from.
One more point for you.