I hate to put the brakes on ME..but it isn't directed by Pete.
He is involved, yes, but they are misleading who is actually directing (as it is Christian Rivers [which he hasn't done any full fledged films to this point]). Peter produced and had a hand in the screenplay, sure, but he never had a hand in the directors chair for this.
And considering the film had already been slated at 100 million dollars on a production budget; the risk is going to be much higher for Mortal Engines than House with a Clock in It's Walls as it stands, if Universal wants to use it for the parks.