From Deadline:
Legendary Pictures has made a deal with accomplished second unit director Simon Crane to direct Hot Wheels. The financier/producer has also set Paul Attanasio to rewrite the script. The live action film is based on the venerable Mattel toy line and since Legendary moved from Warner Bros to Universal, the latter studio gets first crack at what could be a franchise vehicle in Hot Wheels.
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Are car movies really that big right now to need this? I mean we have the Fast & Furious movies, the upcoming Need for Speed, what different could they do with Hot Wheels to make it stand out?
I think it could work as an animated movie, but a live-action one? No.