This hoverboard doesn't have any unlockable upgrades.
Teddy is the twelfth limited hoverboard in Subway Surfers. Like any other hoverboard, it protects 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. Its only appearance was in Subway Surfers World Tour: Moscow. It can be bought for 50,000, like all other limited hoverboards.