Power Slide is a cancelled game for the SNES and 3DO that had an “amazing” graphic for its time. The Super Nintendo version was going to be one of the few games to make use of the FX chip. It was being developed by Elite. Another racing game by the name Powerslide was eventually released for PC but it doesn’t seem to be connected to this game in any way.
The car handling physics in Powerslide were very advanced for the time, as were the visuals. Frame rate was less impressive unfortunately.
A playable demo of Powerslide SNES does exist and it was leaked thanks to Eludevisibility! The in-game screens dont look anywhere as nice as the original tech demo tough. The game would have probably been like Dirt Racer, the other SNES racing game by Elite, released in 1994.
Powerslide was basically a rally game, with real rally cars, Dirt Racer was a more arcade style game. The 3DO and PC versions of Powerslide were being developed by Maelstrom Games for Elite.
Thanks to SNES Central, MathUser, Celine and Lee for these images and info!