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Concept art for Cars 2 was shown in the Disney Annual Report. The picture shows Lightning McQueen racing against a Formula 1 style car with Japan's Mount Fuji in the background. A possible reference to the Fuji Speedway.
Not a lot of details are known, but Pixar has confirmed that Cars 2 will be in theaters Summer 2011. According to Wikipedia, the plot involves Lightning McQueen, his pit crew and new crew chief Mater heading around the world for the "Race of Champions" taking place in five different countries: Japan, Germany, Italy, a 24-hour race in France and England. Disney also trademarked the name "World Grand Prix".
Pixar also confirmed that several voice actors will be returning in their respective roles: Owen Wilson (Lightning McQueen), Larry the Cable Guy (Mater),
Bonnie Hunt (Sally), and Jennifer Lewis (Flo). However, certain characters will not be returning due to their actors deaths since the first Cars film was released: George Carlin (Fillmore), and Paul Newman (Doc Hudson). It's unclear on if their deaths would be written into the Cars 2 story, or if they just wont appear.