This isn't necessarily a new story but Bugbear has officially announced the development of a sequel to FlatOut today. The official FlatOut 2 site is also now online.

"FlatOut 2 gives even more rewards to cause as much damage as possible to compete against rivals.

The reckless Rag Doll stunts will be back with a more advanced scoring system and an improved launch mechanic. Experience hours of bone-breaking fun, this time featuring 12 all new crazy events to punish your driver in the expanded Rag Doll Championship and online Rag Doll play.

As well as challenging your survival driving skills through the new Championship mode to win cups in increasingly tough races, FlatOut 2 features support for up to eight players online with Xbox Live or PC and
6 players with PlayStation 2 Online all with voice communication.

With more destructible objects than any racing game, cash bonuses and nitro will be awarded for all damage done in the game, whether it is to other drivers or to the 2000+ breakable objects present on every track.
And of course FlatOut 2 wouldn’t be complete without all new manic Demolition Arenas for anyone looking to live dangerously, earn extra money for upgrades and destroy the careers of wannabe champions."

The game will be released in the fist half of 2006.