The Corvette will be one of over 200 available cars.

Project CARS 3 will be the latest entry in the young video game racing franchise that's sprung up in the shadows of giants like Forza Motorsport and Gran Turismo. The first entry arrived on consoles and PC in 2015 with a sequel coming two years later.

Codemasters, the developers behind the Formula 1, Colin McRae Rally, and Dirt video game franchises, bought Project CARS's creator Slightly Mad Studios late last year, expanding the company's offerings of racing video games. The third entry looks promising, bringing with it numerous tracks and cars, too.

An announcement trailer gives us our first look at the gorgeous game, which will arrive on the current generation of consoles – Xbox One and PlayStation 4. The trailer doesn't reveal much, though we do see cars at various tracks in both day and night settings. We also get a peek at the extensive levels of customisation that game will offer – wheels, paint, liveries, wings, bumpers, realistic parts, and more, are all changeable.

When the game arrives sometime this summer, it'll come with over 200 cars, including the Corvette C8.R and Acura NSX, and over 140 tracks. The game has come quite the distance since the first in the franchise, which only offered 74 driveable vehicles. The sequel increased that to 184 at launch. The game will also feature new game modes, though the studio hasn't detailed what that entails.

The game will also feature "fully scalable assists for all skill levels," which is nice considering the CARS in Project CARS stands for Community Assisted Racing Simulator. That focus on accuracy could deter casual players. There'll be a new tire model for more convincing and "fun" handling, a 24-hour day-night cycle, dynamic seasons, and all-weather racing. Players on PC will receive 12K resolution for VR support, and console gamers will enjoy an "unrivalled controller experience."

Project CARS 3 will arrive sometime this summer.