Sorry FoFa, it's a cute joke but completely false:
Once again, Snopes.com to the rescue
And once again, I personally find the Snopes to be the thing that's mostly false.
First of all, this (like many things Snopes supposedly "debunks"), is more about opinion than fact. The vast majority of the story is, in fact, true. They really did name a car NOVA, and NO VA really does mean Doesn't Go.
Snopes claim that it is false depends mostly on its assertion that Hispanics wouldn't see "nova" as "doesn't go", when you take accenting into account.
I, however, deem this very Snopes assertion to be false.
After listening to my in-laws speak spanish for the past 25 years - INCLUDING LISTENING to them trying to pronounce English brands/words, or proper nouns that mean nothing to them in their language, I conclude that the likely way a person in Mexico would pronounce this word if they say it actually is in a double-accented way:
no va
And yes, it's quite likely the thought would cross their mind that it is essentially "doesn't go", which could be a bit humorous to them.
Nobody in Mexico would be pronouncing it in the full, exact, English way, which is like: "NO-vuh", because they simply DONT' pronounce their "ah" sounds as a tiny after-thought-like emphasis that turns into a tiny "uh", the way English speakers do. They ALWAYS thoroughly enunciate their "ah" sounds, and would definitely be saying it "NO VAH", which is precisely, "doesn't go".
I agree with Snopes that if a Mexican wanted to say a car doesn't drive, they wouldn't use "doesn't go", they would use something else, but still, "nova" would make them think of "doesn't go", for better or for worse.
As has been the case with at least 2/3 of all Snopes articles I have read, which turn out to be mostly an opinion of the author stated in an authoritative tone - but not really being authoritative - I rate Snopes "mostly false".