Here's what EA had to say on the cancellation of Project CARS:
"Today we announced internally an update to our racing portfolio. Following an evaluation of the next Project CARS title and its longer-term growth potential, we have made the decision to stop further development and investment for the franchise."
"Decisions like these are very hard, but allow us to prioritise our focus in areas where we believe we have the strongest opportunity to create experiences that fans will love. We are focusing on our strengths in our racing portfolio, particularly licensed IP and open-world experiences, and expanding our franchises to be more socially-led with long-term live services that will engage global communities."
Speaking of licensed IP, EA's internal restructure may well have killed off another Codemasters franchise. This one hasn't been confirmed by the company just yet, but Insider Gaming is reporting that the reshuffle has also resulted in the cancellation of the DiRT series. That particular revelation is only a rumour for now, but it makes a lot of sense considering Codies will be developing WRC games from 2023.