Bullet is the vehicle of Ali “Lightning” Bombay, an immigrant from Kandukar, India, who works as a motorcycle racer and joins the cartoon in its racing season. The vehicle is a blue and white racing Suzuki. Wikipedia says it turns into a drone, while a collector guide describes a street bike that converts into a hovercraft.
Kenner released it in Series Three in 1987. The guide lists a stun gun, spinning turbines, a grappling hook and an activation button. The toy was renamed Bandit for Europe.
Bombay wears the Vortex mask, which creates controlled whirlwinds. The collector guide describes it as simulating a turbulent cyclone.
In the cartoon Bullet debuts in episode 68. Bombay is one of three agents, with Nevada Rushmore and Boris Bushkin, who came into the story with the racing season and then into the toy line in the same wave. He has no other Kenner vehicle.