Variety reports that the project is being put on hold while director Taika Waititi is directing Thor: Love and Thunder. Waititi is probably best known for his fantastic work on Thor: Ragnarok.
Filming was set to begin later this fall. He had been sitting down with several Japanese actors to cast for the lead but apparently has had no luck so far. Variety believes this may have meant that there were some creative differences as well.
Of course this isn't the first time this film has hit a wall. This project goes back to 2012 seven years ago but was cut back because of budget concerns. Akira was scheduled to open on May 21st, 2021 but that obviously looks like it will not happen.
Hopefully Waititi is able to wrap up filming on Thor and can jump right back into Akira. I'm not sure how I feel about the live action adaptation but I'm definitely willing to give it a shot.