Director Ron Howard said he found the project "irresistible" and promised that viewers are in for a "really cool awakening" to the sport.
The film charts the rivalry between world champions Niki Lauda and James 'The Shunt' Hunt in the 1970s.
"It's great characters in a world, an environment, a sport that is so dramatic and if you already know the sport then you recognise that," Howard said.
"If you don't know the sport then you're in for a really cool awakening. It's that combination that I found irresistible. There's a very inspirational aspect to our story, which is Niki Lauda's incredible comeback from the Nürburgring crash and fire."
He added: "I think the biggest challenge really is trying to recreate on a reasonable budget the global nature of the sport and the intensity of it. I really do want Formula 1 fans to feel respected and to appreciate the movie."
Chris Hemsworth, who plays British driver Hunt, and Daniel Brühl, who portrays three-time champion Lauda, also discuss their respective roles in the movie.
Olivia Wilde stars as supermodel Suzy Miller, who married Hunt in 1974 before becoming romantically involved with Elizabeth Taylor's ex-husband Richard Burton.
Howard previously said that he wants Lewis Hamilton to star in Rush, which is written by The Queen's Peter Morgan.
Photo gallery - Chris Hemsworth and Olivia Wilde on the set of Rush: