Well this is interesting. This pair of vintage plush riding toys coming to auction in New Jersey is attributed to Steiff. I've never seen anything like them, but I know someone who has: the designer of the Wheely Bug ladybug toddler scooters that Prince Lionheart puts out.
I swear these began as some [Spanish?] indie designer's idea before they got bought up or knocked off. Either way, they're everywhere now. Collect'em all!
UPDATE DT reader Christopher, who actually looked, and who knows that the German word for ladybug is Marienkäfer, points to this Steiff collector's extensive website, where rare ride-on Steiffs are discussed. And sure enough, there are several very nice photos of a c. 1950 ladybug. Which is starting to look kind of great. That undercarriage is a masterpiece of German over-engineering:
Sept. 20, Lot 425A: Steiff (Attr.) two plush riding toys, est. $400-600 [ragoarts]
Buy a Prince Lionheart Wheely Bug, Ladybug or a Mouse or Bee for like $56 at Amazon [amazon]
Steiff Sammeln [aufimmerdein.blog.de, thx christopher]