More specifically, it would seem that the production is codenamed "Emerald Hill" with an in-house production company named Red Energy Films. The schedule, as it currently appears on the Creative BC Film Commission website, has the film in production from March 15, 2021 to May 10, 2021.
Here's how Paramount Pictures describes the original film:
"Based on the global blockbuster videogame franchise from Sega, SONIC THE HEDGEHOG tells the story of the world’s speediest hedgehog as he embraces his new home on Earth. In this live-action adventure comedy, Sonic and his new best friend Tom (James Marsden) team up to defend the planet from the evil genius Dr. Robotnik (Jim Carrey) and his plans for world domination. The family-friendly film also stars Tika Sumpter and Ben Schwartz as the voice of Sonic."
The second Sonic the Hedgehog movie is currently set to release on April 8, 2022. Sonic the Hedgehog, the original film, is now available to purchase on home video, digitally as well as on Blu-ray, DVD, and 4K Ultra HD. The film stars Ben Schwartz as the voice of the eponymous hedgehog, James Marsden as Tom Wachowski, a police officer that befriends Sonic, and Jim Carrey as Dr. Robotnik, the franchise's classic villain and scientist.
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Source: https://comicbook.com/gaming/news/sonic-the-hedgehog-2-movie-production-details/
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