Yes your read correctly, EA has announced a free-to-play massively multiplayer online iteration of its massively popular racing franchise, Need for Speed. The game is nearing the end of its development cycle, and is being handled by developer Black Box.

A closed beta is currently underway in the UK, and the game is expected to be released in “Summer 2010” Northern Hemisphere time, so we can expect in in Winter, which is incidentally just around the corner.

“Need for Speed World is the world’s first MMO racer – a completely new entertainment experience for speed junkies all over the world,” said the game’s producer John Doyle, adding “We have expanded Need for Speed’s classic adrenaline fuelled racing with an all-new power up system and deep RPG style progression to create a truly massive, socially-connected white-knuckle Need for Speed experience.”

Need for Speed World Online was announced just over a year ago, but somehow fell off the radar shortly thereafter.

EA’s marketing blurb

“Need for Speed World brings together best in class action racing with an unparalleled social experience. For the first time in a racing game, players will be able to compete against any one of their friends, family or pick from thousands of top ranked players to challenge in intense online battles and police pursuits across 150 miles of sprawling open world. Need for Speed World takes the well known and popular cities from Need for Speed Most Wanted and Need for Speed Carbon to create the biggest, most exciting race world ever released in the Need for Speed universe.”

It sounds like a bold and innovative concept, although whether it gains traction in the market remains to be seen.