This battery-operated toy cars was targeting the 1950s "economy toy" market.  Featuring a direct-drive (motor pinion directly contacts rear rubber tire), selectable left/right steering, and an ON/OFF lever on the rear of the vehicle all added up to keeping manufacturing and the final price low. 

Staying true to the economy minded customers these cars only require 1 D cell battery to operate which cut in 1/2 the battery supply required compared to most toys of the period

Featured in this exhibit:

Electric Sedan Car (Turquoise Blue Car) - Produced by  Asahi Toy, Japan.  This version was imported by "GEO. Borgfelidt Corporation, New York" (taken from original box) and also includes a front windshield and a shiny ON/OFF lever above the bumper and painted (yellow?) tail-lights help this one stand out from the crowd.