This paper model is the Tornado, a red vintage-style biplane in the Sonic the Hedgehog video game series, the papercraft was created by Sega Japan. The original plane is owned by Sonic himself, but he freely allows Tails to borrow it.
The Tornado is often depicted as a single-seater and is usually piloted by Tails, while Sonic or another character would stand on its wings. The Tornado is also known for appearing towards the end of a game where it usually arrives just in time to save a character from falling to his or her death. It has since become a staple icon of the series. This plane allows Sonic and Tails to travel long distances or high altitudes that Tails and Sonic would not be able to safely get to normally.
The Tornado is 18.7ft in length (5.7m), it has a 12.1ft (3.7m) wingspan, it is 6.9ft (2.1m) in height, its primary engine is a 480HP, 12-Cylinder, air-cooled Twin Star and the secondary engine that is installed by Tails are two custom booster engines. The Tornado's maximum speed is 450km per hour if using the primary engine by itself and an astonishing 340 meters per second if both engines are used at the same time. [Source: wikia]
You can download the papercraft model template here: Sonic the Hedgehog - Tails' Tornado Biplane Free Papercraft Download