One element that does carry over from the old Pete’s Dragon is the tagline from the 1977 trailer: “You’re never too old to feel young.”
Some of the shots of Pete and his dragon soaring through the sky definitely give you that feeling.
Instead, it feels a lot more like The Iron Giant mixed with E.T., How to Train Your Dragon, and even the recent live-action Jungle Book directed by Jon Favreau.
It’s been decades since I saw the original Pete’s Dragon, but from what I remember of it, I don’t get a lot of that movie in this trailer for David Lowery’s remake.