A live-action Hot Wheels movie has been in various stages of development over the past 15 years, but now it looks like it will finally happen. Mattel Inc. and Warner Bros. Pictures Group will team up to bring Hot Wheels to theaters in the first-ever live-action feature film based on the iconic franchise. This is the second major announcement from the newly-founded Mattel Films, following the Barbie feature film starring and co-produced by Academy Award nominated actress Margot Robbie.

Hot Wheels has sold more than six billion individual cars during its storied, 50-year history. With more than 500 million Hot Wheels sold annually, Hot Wheels is the No. 1 selling toy in the world. Even with a low purchase price that averages just one dollar, Hot Wheels continues to crack the annual top 10 best sellers lists in the U.S. Last year, the 1:64-scale mainline Hot Wheels assortment was the fifth best-selling toy in the U.S., according to The NPD Group.

Previous attempts to bring Hot Wheels into theaters date back to 2003, when McG, then fresh off the success of Charlie’s Angels, was slated to direct a version for Sony. Other versions included one from producer Joel Silver (The Matrix) and another from Fast and Furious director Justin Lin.