I wouldn’t call it the first Porsche. But the design does represent the inflection point where the Beetle ends and the 356 begins. Fascinating and beautiful car! It was built for the Berlin to Rome race of 1939 but never actually ran in anger due to the outbreak of war.
IEDEI 
Only one exists. I saw a recreation of the body at the Porsche Museum in bare aluminum. Its shape looks far more beautiful in person.
I wouldn’t call it the first Porsche. But the design does represent the inflection point where the Beetle ends and the 356 begins. Fascinating and beautiful car! It was built for the Berlin to Rome race of 1939 but never actually ran in anger due to the outbreak of war.