It's Han Solo's co-pilot, Chewbacca, crossbred with Ash's buddy, Pikachu. The result? Wookimon? Chewbachu? Pikachewie? Yes, Pikachewie.
That's what custom figure maker KodyKoala is calling it—and he should know because he made it. According to KodyKoala:
I used a Jakks 2007 Electronic Pikachu and I covered him in Apoxy sculpt and made him look hairy. Their wasn't a whole lot of material involved, just a lot of time to groove all of it. It probably took a good 10 hours to make the hair look perfect.