Mattel and Warner Bros. are partnering up to bring the toy company’s Hot Wheels to theaters in the first ever live-action feature film for the beloved racecar franchise.

This will mark the second partnership for the two companies following the news of the “Barbie” feature film starring Margot Robbie.

“We are excited to bring the thrill of a Hot Wheels live-action feature film to the big screen in partnership with Warner Bros. Pictures,” Ynon Kreiz, Mattel’s chairman and CEO, said in a statement. “Mattel Films has great momentum as it continues to execute on our commitment to bring global audiences new ways to experience the brands they love as we transform Mattel into an IP-driven, high-performing toy company.”

Hot Wheels debuted in 1968 and has sold more than six billion individual cars during its storied 50-year history. With more than 500 million Hot Wheels being sold annually, it’s the number one selling toy in the world. Legendary had most recently been developing the rights to the project with Justin Lin, but after the option expired, Mattel took the rights back to the market.

“Hot Wheels has been inspiring the imagination of kids around the world for over 50 years,” said Toby Emmerich, Warner Bros.’ chairman. “We couldn’t be more excited to be bringing the adrenaline, adventure, and excitement of Hot Wheels to the big screen.”

The deal comes out of Mattel’s newly established Mattel Films, led by producer Robbie Brenner, as the company looks to take control of its IP as it has begun reacquiring the rights to various properties. Along with Barbie and Hot Wheels, Mattel also recently renegotiated a new deal with Sony on “Masters of the Universe.”