Hollywood is still trying to come to terms with the shocking and sudden death of actor Paul Walker, star of the action-packed franchise "Fast and the Furious." The 40-year-old actor and a friend passed away Saturday afternoon (Nov. 30) after his vehicle struck a tree and exploded.

At the time of his death, Walker and his costars were halfway through filming the seventh installment in the "Fast and the Furious" movies. The team began shooting in September and "Fast and Furious 7" was scheduled to be released July 11, 2014.

Fans of the movie are now left wondering how the actor's death will affect the uncompleted film and if it will still be released.

"Many people within the production haven't even heard the tragic news because of the holidays, but it's almost positive that the movie will still move forward in his honor," a source told Hollywood Life. "Once people get back to work on Monday, many meetings will be happening."

The actor had just wrapped on another film, "Hours," which is due out Dec. 13. The movie is about a father who struggles to protect his young daughter during Hurricane Katrina. As of now it's unclear if the movie's release date will get pushed back.

His "Fast and the Furious" costars took to social media to express their shock, grief and condolences over Walker's death. Vin Diesel posted a picture of the two on Instagram with the caption "Brother I will miss you very much. I am absolutely speechless. Heaven has gained a new Angel. Rest in Peace."

Tyrese Gibson, who also starred in several of the movies wrote on Facebook that he was struggling to accept the news.

"My heart is hurting so bad. No one can make me believe this is real. Father God I pray that you send clarity cause I just don't understand. My heart hurts it's broken no one can convince me that this is real... Prayer warriors please pray real hard for his only child, his daughter and family... #HeartOfAnAngel13YrsFamilyForever."

Universal Pictures, the studio behind the franchise released a statement saying:

"All of at Universal are heartbroken. Paul was truly one of the most beloved and respected members of our studio family for 14 years, and this loss is devastating to us, to everyone involved with the 'Fast and Furious' films, and to countless fans. We send our deepest and most sincere condolences to Paul's family."

Walker had been attending a charity event and was reportedly taking his Porsche for a test drive with his friend at the time of the accident. The other person in the car, and the assumed driver of the vehicle, has been identified by other news outlets as Roger Rodas, CEO of a custom car shop in Santa Clarita, Calif.