GRID 2 is Codemasters' "most expensive development to-date", the firm has revealed.
Speaking in the latest issue of MCV, the game's executive producer Clive Moody revealed that "a huge amount has been poured into [GRID 2] and this is a game that has been in pre-production for some considerable time.
"We know we absolutely have to get it right. It is the sequel to one of our most successful games at Codemasters, and it's very important to the business.
"From my point-of-view it is really important that we raise the bar further and set a new standard for video games".
GRID 2 was officially announced by Codemasters yesterday, but had been known to be in development for a few months prior.
The game has been in development for two years, and showcases new technology that's been in development at Codies for over five.
The game promises to "raise the gameplay and technological bar for motorsport gaming".
GRID 2 releases on Xbox 360, PlayStation 3 and PC next year.