Sony has announced that Gran Turismo on PSP has 800 cars and 35 tracks.

Single player has mission challenge mode, along with normal races.

Yamauichi emphasizes that it's not a shrunken down version of Gran Turismo.

Trading and sharing of cars between your garage and those of other players is a PSP-specific feature.

Game is designed so that trading with friends makes acquiring cars much easier.

Awesome.