Pretty sure it's faux fur, but that's not been confirmed.
People cover their cars in a lot of weird stuff. Case in point: this fur-wrapped Fiat 500 spotted in Argentina. The atypical city car was seen casually sitting in a parking structure as if it's not covered in what looks to be carpet or dog hair. It's not known who owns the car, where the wrap was done or how much it costs. One thing is for sure: This car must smell awful when it rains. Could this Fiat owner be the same person who wrapped a Ferrari 599 in velvet?