Jean Todt, FIA president, said the following.
"The new regulations for the FIA World Endurance Championship, which come into effect for the 2020/2021 season, are the result of hard work between members of the FIA, ACO, manufacturers, and teams. This will provide endurance racing with a long term, stable platform, while continuing to offer a cost-effective stage to showcase future technologies.”
The class has yet to be given an official name, but it'll be decided by motorsport fans. Some possible names thrown into the hat have been Super Sportscar, GTPrototype, LeMans Supercars, and Le Mans Hypercars. Personally, I like Hypercar.
This class has a special focus on aesthetics. The FIA made a point to say that "Aerodynamics cannot take precedence over aesthetics." This means we'll see many sleek looking prototypes with greater marque cachet and more focus on the pizzazz.
Though this doesn't mean the cars can be slow. FIA regulations require that a participant achieve a lap time under 3:20 per lap at the Le Mans circuit. I have a feeling this won't be much of an issue. While they must include a KERS-style hybrid system and four-wheel drive, there is no limit on engines, just consumption rules. So we will see some fast cars all the same.