This could be in part due to the use of real racing cars that the actors will drive, with training and safety ramping up the costs.
When will the F1 movie be released?
The F1 movie has been given a release date of June 2025, and so far remains unnamed, with rumours it is called ‘Apex’.
Producer Brad Pitt will also star in the film, alongside Damson Idris as a mentor type figure to the young star at a fictional racing team.
Other actors involved with the project include Javier Bardem, Kerry Condon and Tobias Menzies, with Hamilton set to make a cameo himself.
The British driver has had a hands-on role with the film, ensuring it accurately depicts the world of Formula 1, and to ‘call out BS’.
Hamilton’s F1 film has not been without a few issues along the way, with the SAG-AFTRA strikes delaying filming, and the project struggling to find a distributor.
The increase in budget has also put pressure on the film to pull in $750 million at the box office to break even, thanks to the hundreds of millions of dollars still to be spent on marketing.
However, according to the Athletic, Hamilton called the reports 'inaccurate' when quizzed about them last week.
"It’s inaccurate. I don’t know whether it will be in Cannes, I don’t know. But the stories are incorrect. And at some stage, you guys will get more information,” Hamilton said.