It's an Olivetti Valentine. An iconic piece of design with mechanicals almost identical to the Lettera 32. Its designer, Ettore Sotsass, was apparently not fond of it ("I worked as an architect for sixty years of my life and all people know is this fucking plastic machine" - or something to that effect) and its first production run was not particularly popular.
source for this?? interesting, if true
https://www.reddit.com/r/typewriters/comments/1mxxqkl/dieter_rams_typewriter_model/
Sottsass, Ettore, and Perry King. Valentine Portable Typewriter. 1968. Acrylonitrile-butadiene-styrene (ABS) plastic, synthetic chloroprene rubber, metal, 2017.169a- typewriter: 3 7/8 × 12 3/4 × 13 1/2 in., 9.3 lb. (9.8 × 32.4 × 34.3 cm, 4.2 kg)2017.169b- cover: 4 3/8 × 13 1/2 × 13 7/8 in., 2.4 lb. (11.1 × 34.3 × 35.2 cm, 1.1 kg). https://www.metmuseum.org/art/collection/search/739409.
Sottsass transcended the sameness of typewriter design to give it an endearing personality. He tuned into Pop art, citing the orange nipples and pink breasts in Tom Wesselman’s nudes as inspiration for the orange scroll caps.
Photo still from A Clockwork Orange (1971) combining a Valentine and a Wesselman
The Valentine never reached mass audiences, despite the iconic advertising campaign he conceived.
https://www.moma.org/collection/works/4576
Acquired 1969
https://www.reddit.com/r/typewriters/comments/1lvzn34/say_hello_to_the_monpti/
The Montpi typewriter in 1968 presaged the Olivetti Valentine.
https://www.reddit.com/r/typewriters/comments/1kppij9/blue_olivetti_valentine_how_rare_is_it/
In increasing order of rarity, the Olivetti Valentine was made in red, white, green, and blue.
I consider Valentines 'designer' typewriters, and generally overrated. If you want to write on an Olivetti, I'd go for the Lettera 22/32/DL. The Valentine is based on the Lettera 32, so the mechanical part is solid, but the Valentine is not as well-balanced as the 32. And about ten times more expensive.
Me starts thinking about cornering the market in Lettera 32s and 3D printing Valentine cases to put onto them...