The project is based on Daniel Simon's 2007 concept art book of the same name, which features a number of futuristic vehicle designs. Daniel Simon served as the lead vehicle designer on Tron Uprising and Captain America: The First Avenger, while also serving as a concept artist on Oblivion.
The Cosmic Motors book shows readers vehicle designs from a "planet" known as Galaxion. Here's an excerpt from the author's official website regarding the book.
"Come explore the vehicle designs of a far away galaxy called Galaxion where futuristic concepts exist in everyday life. Nine different spaceships, pods, race cars, giant trains, warships and balloons from various planets of the Galaxion system are shown from concept to completion."
No story details were given for this feature adaptation, which will be produced by Michael Bay.