According to the latest Electric Playground web show, EA may be closing the doors on the Need for Speed series of racing titles. In the show, claims were made that all future titles in the series are now canceled.

1UP contacted EA for an official statement. Here is what Colin Macrae, the EA director of communications, had to say on the subject:
Despite relatively strong sales of Need for Speed: Undercover, the latest in the series, the game failed to break the top 20 for the entire month of November.
Electric Playground (via 1UP)
Update:
Source: Joystiq

1UP contacted EA for an official statement. Here is what Colin Macrae, the EA director of communications, had to say on the subject:
"We're working through a process on people, products, and facilities at EA and don't have any announcements today."
Despite relatively strong sales of Need for Speed: Undercover, the latest in the series, the game failed to break the top 20 for the entire month of November.
Electric Playground (via 1UP)
Update:
We've received a tip from someone a purported EA employ who wishes to remain anonymous. According to this source, the Need for Speed series isn't shutting down -- but EA Black Box, the development team behind recent entries into the series, "most likely" is. The source explains that EA not only scrapped their plans to open up a new studio in Vancouver, but that they also decided to close Black Box, moving the NFS and Skate teams to their much larger Burnaby studios.
The source further details the fate of Need for Speed -- he claims that one of the next entries into the series will be developed by the EA-owned Criterion Games, and will likely use the engine of their racing series, Burnout. He also claims that there are three different teams within Black Box that are responsible for developing Need for Speed titles (which is how they're able to release a new NFS title every year) -- though these three teams will likely consolidate into one, leading to less NFS releases, more continuity between said releases, and, ultimately, drastic downsizing for the NFS teams.
The source further details the fate of Need for Speed -- he claims that one of the next entries into the series will be developed by the EA-owned Criterion Games, and will likely use the engine of their racing series, Burnout. He also claims that there are three different teams within Black Box that are responsible for developing Need for Speed titles (which is how they're able to release a new NFS title every year) -- though these three teams will likely consolidate into one, leading to less NFS releases, more continuity between said releases, and, ultimately, drastic downsizing for the NFS teams.
Source: Joystiq
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