If you mean the sun moving across the sky throughout a session, yep, Aris already confirmed in the news thread that it's dynamic and with realtime shadow generation. No night racing yet, so I don't know what happens when/after the sun sets in game, but I'm sure that'll come later. Doesn't make sense to have one and not the other, right?
This screen in particular, looks perfect to me, so nice...
And sorry, it seems I was totally wrong in my previous post about the flipped faces, they are a not flipped, it's just that looking from behind the exhaust reflections look like they are flipped, just an optic illusion. lol
Also I can't help but wonder how the graphics may look like when people start using things like SweetFX or ENB Series on it when it's released.