Saw this post and reached out to a friend and asked if I could share his run of this vehicle (it's called the Interceptor). So here are all the models/prototypes he owns for this vehicle. I wanna say we had them in the Declassified booth in Orlando but maybe at the time he only had three of them. I don't recall exactly.
But yeah he said I could share so here you go.

Description from the owner:
"Unproduced Cobra Interceptor: Styrene model, resin hardcopy with solid resin parts, resin hardcopy with clear resin parts, painted resin hardcopy. The styrene model for the Interceptor started out life as this:
http://www.yojoe.com/archive/unproduced ... ype7.shtml
That concept was never used and the designer went back and redid the front end. Everything else remained the same. This vehicle would have come with sounds effects, and a handle in the back (similar in concept to the Ghostriker)."

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Looks like I need to track down a Captain America Justice Jet and make one of these.

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Wow -- thank you, Gyre-Viper! We now not only have a name for this vehicle, but an explanation for the two different versions. And that one on the far end of your photograph is clearly the same one that appears in my photographs. I still don't know where those photos came from. Just found them in a stack of mostly unrelated material, but it's nice to have the story to go with them.

A sincere shame this never got produced.

You nailed it! A couple of old X-wing engines might cinch it.

Good call.

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The one on the left looks like Serenity and a HAVOC had a baby.

Actually I think Y-Wing engines, with the rounded bits on the front chopped off, would be better.

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Sad that thing never saw production. All versions of it look pretty sweet.

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MEANWHILE, ON THE SHADOW-EARTH ON THE OTHER SIDE OF THE SUN....

"The Interceptor? Ugh, I hate that stupid thing. Neon...Star Brigade...electronic sounds...stupid handle on the back...can't believe Hasbro released that thing! Give me $5 and a Cobra Rat and it's yours."

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So...I'm living on the shadow-earth, then?

That was my thought, too: I'm always interested to learn details about unreleased items, and I do think the design is kind of cool, but I would have passed on this thing so hard as a kid.

Oh, jeez, Darko, dragging the Cobra Rat into this? Ouch...

This is the type of Joe vehicle that makes me miss o-ring joes and that entire era