The film is about a student who is given an old Soviet car that happens to be able to fly and he uses the car to help him fight crime. The original film was a big hit and I would imagine an English language remake is an easy pitch to Universal.
You can check out the trailer for the original below (which is fansubbed in English) to give you an idea of what to expect from the remake and also hopefully encourage you to check out the original, if you haven’t already.