The film centres on the rivalry between the inexperienced company heir Henry Ford II and Italian car maker Enzo Ferrari ahead of the 1966 Le Mans race where the American company scored its first success on the circuit.
Go Like Hell is based on A.J. Baimes's book, which details how Ford successfully changed the image of his firm to make it compete with its cooler European rivals, Variety reports.
Brad Pitt is reportedly being considered for the role of Ford.
Mann is currently producing the HBO horse-racing drama Luck, which will star Nick Nolte, Michael Gambon and Jon Ortiz.
He is also attached to various other projects, including period film Agincourt and the prospecting drama Gold.