Project CARS 3 is still developed by Slightly Mad Studios and published by Bandai Namco Entertainment. This has prompted heavy criticism from fans of the series. Unlike its predecessors, this game does not feature tyre wear or fuel depletion, and as such, there are no pit stops. The game also features a refined multiplayer mode.

The game received its first game trailer on 3 June 2020.

Having been acquired by British video game developer and publisher Codemasters, which is known for the Formula One series, Colin McRae Rally series and the Dirt series, in November 2019, Project CARS 3 is expected to share some elements from Codemasters' similar genre video game series TOCA, or Grid. According to CEO of Slightly Mad Studios Ian Bell, the game is a spiritual successor to the Need for Speed: Shift series, which was also developed by Slightly Mad Studios.

The career mode has been rebuilt, with the artificial intelligence being enhanced. The game also features 24-hour cycles, various seasons, and weather effects. Project CARS 3 introduces more customizable cars that are available to race over 140 global circuits. It is the last title in the Project CARS series as the development for the fourth installment was cancelled by Slightly Mad's owner, Electronic Arts in November 2022. The game was poorly received by the public, being criticized for a departure from its features compared to its predecessors. It was first released on 28 August 2020 for PlayStation 4, Windows, and Xbox One. Project CARS 3 is a racing video game developed by Codemasters subsidiary Slightly Mad Studios and published by Bandai Namco Entertainment.

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