A reconfigurable toy vehicle is provided, the toy vehicle having: a first configuration and a second configuration; a main body portion, having a forward end, a rearward end and a pair of side members extending from the forward end to the rearward end; at least two telescopic wings attached to the main body portion; a retractable canopy movably secured to the main body portion, the retractable canopy being configured to cover a portion of the main body portion when the toy vehicle is in the second configuration; and a folding rear portion pivotally mounted to the main body portion, wherein movement of the folding rear portion causes the toy vehicle to transition between the first configuration to the second configuration.