In the video, you see a customisation feature that will soon make it into the closed beta: racer skins. Players will be able to choose between a variety of different skins, and, on some of these skins, it will be possible to adjust the colours. They also point out that more and more skins will become available over time.
Apart from racer skins, the team currently plans the following additional customisation options: players will be able to replace their racer's standard cockpit with a cockpit in their favourite colour, there will be numerous decals to choose from and they will even introduce a variety of underbody lights.
Taking all these options into account, there will be hundreds of possible configurations for each racer's visual appearance.