The Malibu Grand Prix is a Larry Wood design that was released in 1982.
According to a friend at Swifty's Garage, "Malibu Grand Prix" was the name of a national chain of go cart tracks in the 1970's. The go carts looked like formula racers, pretty close to how this HW model looks.
Edit: A year after writing this post, I acquired the only other version of the Malibu Grand Prix, a 1985 Kellogg's Cereals promotional item. See below.
This particular model, a Hong Kong one with an unpainted base, might be from 1976 or 1977. It's hard to tell.















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