The next Need for Speed game is going back to the street racing style of games like Need for Speed: Undercover. Rap music was played during the trailer, and police were shown chasing modified cars. It's simply called Need for Speed.
The world is twice the size of Need for Speed: Rivals, and features a day/night cycle. The game runs on the latest Frostbite engine, resulting in a very pretty game with great effects.
Gameplay emphasizes not only speed, but style. You will be rewarded for making your car look good and driving it like a methodical maniac. Judging by the gameplay demonstration, it pushes far into arcade territory rather than simulation, true to the spirit of Need for Speed's heritage.
Below you can see raw gameplay of someone modifying a Subaru BRZ before taking part in a drift challenge:
Need for Speed will release on November 3rd.