This hoverboard doesn't have any unlockable upgrades.
Teddy is one of the hoverboards in Subway Surfers. Like any other hoverboard, it will protect you from crashing for 30 seconds. When crashed, the board will explode and recharge for a few seconds before it can be used again. It has no special ability. The hoverboard looks like a teddy bear. It's only appearance was in Subway Surfers World Tour: Moscow.