Mattel

A Hot Wheels movie is getting into high gear.

Mattel and Warner Bros have announced they are partnering to develop and produce movie based on Hot Wheels, the popular racecar toy line.

It's the second partnership between the two companies, with Warner Bros. moving forward with a Barbie movie starring Margot Robbie. 

Hot Wheels debuted in 1968 and has sold more than 6 billion individual cars. More than 500 million Hot Wheels are annually, making it the number one selling toy.

Mattel has long been trying to turn its toys into film and television projects. Its rival, Hasbro, has had success with its adaptations, including the "Transformers" franchise.

To further its efforts, Mattel established a film division, which made the deals with Warner Bros. and also renegotiated rights to He-Man with Sony.