During the final episode of the second season of Devs Play - a series hosted by Tim Schafer and Greg Rice where developers are invited to discuss classic/historical games - former Ubisoft man (and Rayman creator) Michel Ancel has confirmed that Beyond Good & Evil 2 is still in development.
The new episode of Devs Play was focused entirely on the original adventure game, and the designer-hosts discussed the cult classic, as well as revealing some interesting details about the state of its sequel's creation and development. During the episode, Ancel said that work on the sequel is still ongoing, although the game will probably be slightly different from the previous chapter. You can watch the full episode over here.
Regarding Michel Ancel, the developer is currently working on an ambitious game called Wild, a title in development for PlayStation 4 that's being crafted by French indie studio Wild Sheep Studio, which he founded after leaving Ubisoft.
Thanks, Gamespot.