This hoverboard doesn't have any unlockable upgrades.
Panda was the tenth limited hoverboard in Subway Surfers. Like any other hoverboard, it protects you from crashing for 30 seconds. When crashed, the hoverboard will explode and need to recharge for a few seconds before using again. The board has a picture of a rather cute panda's eyes, mouth, and nose with leaves surrounding it. Just like all other limited hoverboards, Panda costs 50,000.