The movie is just missing one important piece.
There have been rumors circulating that a Hot Wheels movie was in pre-production. Now we have word from Deadline that the director of "Start Trek Beyond," Justin Lin, has just signed on to direct the upcoming film. Lin directed "The Fast and the Furious: Tokyo Drift" and "Fast & Furious 6," so he seems like a good fit. In addition to directing, Lin will have the option to produce through his company Perfect Storm Entertainment, and he has the option to co-finance the film. The rights are owned by Legendary Entertainment and Universal will distribute it.
Don't get too anxious to see this movie soon, though. It doesn't even have a writer as of yet. Since there's no script yet this won't be Lin's next project. Hot Wheels is perhaps the most successful toy brand in the world. Mattel says that it creates nine million cars every week and sells 10 every second. Over five billion Hot Wheels cars have been made since 1968. We do see an opportunity for this movie to succeed, but we have seen in the past with past toy-related movies like "Battleship" that there also needs to be a good plot for the movie to work.