Eurogamer speculated that this game is a project by Need for Speed: Shift developer Slightly Mad Studios, long in development. NeoGAF user BADNED seems to have some inside info, but didn't comment on that info; however, he did share the above image, and what appear to be animated GIFs from a trailer, which you can see throughout the thread.
Bigben also announced Mayhem, a demolition derby game for Xbox 360 and PS3; a game with Sin City-style graphics "using all the clichés of the stock cars race very popular in many countries."
agreement for the upcoming titles
TEST DRIVE: FERRARI
Lesquin, November 18, 2011 – Bigben Interactive is proud to announce having signed the distribution
of two major titles from the EVOLVED/DATA CONTENT Ltd catalogue.
First of all, the very successful TEST DRIVE license with the new opus called TEST DRIVE: FERRARI –
the ultimate driving experience for fans of the Ferrari Brands and the racing games. TEST DRIVE:
FERRARI will be the 20th title of this impressive and successful collection. The last episode has
reached 1.5 million sell-out worldwide.
Bigben Interactive will release the title in most major European countries besides the United
Kingdom on March 30, 2012. It will be available on PS3™/Xbox360™/PC.
The second title from Data Content Ltd. Catalogue will be Mayhem, a demolition derby game which
will be released on PlayStation 3 & Xbox 360 in January 2012. Mayhem is a surprising Sin City graphic
style game using all the clichés of the stock cars race very popular in many countries.