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"The next exciting bit I found out about this new mystery racing game is that it will be shown on February 20th at Sony’s Playstation event, along with another next gen shocker from Guerrilla Games."

Well I guess we'll know if this website and source is reliable in a few days. Why would Sony create a competing IP to Gran Turismo though? If they make it more like Motorstorm then I could see it succeeding, but not if it is a simulator.