Kyle Ward will write the screenplay, per a story at Variety. Ward wrote Machete Kills with Sin City director Robert Rodriguez and currently has two films -- Agent 47 and Kane and Lynch -- in production. The Variety story also credits him with work on Underworld V and Arabian Nights, neither of which appear on his IMDb page.
Simon was the lead vehicle designer on Tron: Uprising and Captain America: The First Avenger.
It doesn't seem from the article that Bay plans to direct Cosmic Motors at this point, although that could change or his intention to do so could simply have been omitted.