IGN reported. The racing game follows the 2012 spin-off Forza Horizon, and is primarily being developed by the same studio, Playground Games. Forza Horizon 2 is expected to launch this fall.
The next-gen racer will seemingly be set in southern Europe and bases its events around a music festival. It's the second game in the series to launch on Xbox One, the first being Turn 10's Forza 5, which launched with the console in November.
Update: To clarify, the Xbox One version of Forza Horizon 2 is being developed by Playground Games, whereas the Xbox 360 version is in development by Sumo Digital, creator of Sonic and All-Stars Racing Transformed. Playground is collaborating with Turn 10 for the next-gen game, sharing some tech and staff to develop the game.