Have plans for a sequel to the F1 blockbuster started?

Recently, the trend of sequels and prequels has increased greatly from Tollywood to Hollywood. Whenever a movie becomes a huge hit, it seems that a sequel or prequel is immediately announced to capitalize on that craze. While many movies have already had sequels, some have been hits, while others have not lived up to expectations.
Now, another hugely successful movie, F1, is also going to join the list. Director Joseph recently confirmed that plans for a sequel are underway for this movie, which has recorded remarkable success worldwide. At present, the discussions for this project are in the initial stages, and he suggested that the story of the upcoming sequel may revolve around Sony Hayes and Apex GP.
Joseph, who participated in the Academy Governor's Awards program, said — “There are discussions going on about what it would be like to make a sequel to F1. We are all very happy to see the response the world has given to this movie. If we find a good story, we will move forward immediately.” Fans also made huge demands for the sequel as soon as they saw F1 in the past.
Judging by Joseph's words, there is a good chance that an official announcement will be made on this sequel soon. Even before the sets were even set, there was a good craze for the F1 sequel. There is a possibility that huge expectations will be raised on this project as soon as the film starts.