How does New Game Plus work?

I just heard that there is a New Game Plus mode in Final Fantasy XV since version 1.03 was released. How does it work in this game? What do I keep, what do I lose, and what is added in this new mode?

In Final Fantasy XV, starting a New Game Plus won't bring much more than the original version of the game. The story is the same, there is nothing more to unlock, and there is no increase in the difficulty. It will reset your progression in the story. All the quests and hunt completions you made will be totally reset. You will also lose your hunting rank.

The advantage is that you will keep a lot of other things from your initial adventure. Reading this guide, you will keep your:

• Experience and levels
• Ascension skill progression
• Survival, Fishing, Cooking and Photography levels.
• Outfits.
• Weapons (With the exception of the Engine Blade, which will be reset to its starting conditions).
• Royal Arms.
• Accessories
• Items
• Gils.
• Spells.
• Recipes for Ignis.
• Regalia Customization and customization colors, decals and components (excluding the Type-F upgrade. You won't be able to fly from the start).
• Ability to rent chocobos and your chocobo customization.

The main advantage you can see in this mode is simply to revive the entire story while keeping most of what you gathered through your previous run.