This is a toy loosely based on Hotwheels cars in their size and general design with the addition of interchangeable parts that can be bought in kits. The idea is that the child would get a kit with a bunch of chassis, wheels and bodies and they would be able to mix and match to make their own creations.
The principles this toy is based on are the idea of building and designing functioning objects.
They would mostly be made of plastic or perhaps more expensive versions would have metal components, but plastic would be the easiest to manufacture for cars of the size and complexity that is required here.