Mercedes officially unveiled their new W03 vehicle on Tuesday ahead of the latest round of Formula One pre-season testing in Barcelona.
The W03 has already undergone a brief run-out of 100km at British Grand Prix venue Silverstone, followed by 354km at the Catalunya circuit on Sunday, which will be the site of this week's second major pre-season testing session.
Mercedes deployed last year's model at the first testing session of 2012 in Jerez earlier this month.
In keeping with updated regulations, the new vehicle will not feature banned blown-diffuser technology, but does have a stepped nose adapted by several other competitors.
"The F1 W03 is a car that I believe, and hope, our team can be proud of, and which will deliver the on-track results that everybody has worked so hard to achieve," team principal Ross Brawn said.
"Notwithstanding the distinctive nose design, which is certainly an acquired taste, the F1 W03 is an elegant interpretation of the current regulations, and a clear step forward over its predecessor in terms of detail design and sophistication."
The car was unveiled by Germans Nico Rosberg and Michael Schumacher, who are unchanged from last season as the preferred Mercedes driving team.
According to British-based outfit Mercedes, formerly known as Brawn GP, the car consists of 4500 individual parts, 200 more than its predecessor, but is lighter and more efficient.
"Already last week, when we were driving the F1 W03 for the very first time, it instantly gave us good feedback and sensations," seven-time world champion Schumacher said.
"Starting today, we will work intensively to make it a competitive runner. Obviously, we will only see over the next couple of weeks how big the step is that we have made."
"For my part, I am eager to fight again, looking forward to the new season, and I can't wait for it to begin."
Rosberg, who took the W03 out for its first laps at Silverstone, echoed his team-mate's sentiments ahead of the new season.
"We have had a good start to our 2012 testing programme, and it was a great feeling to drive the first laps in the new F1 W03," he said.
"The car looks good, and is very nicely packaged under the bodywork - all the parts are in harmony, which reflects how well the different departments of our team are working together."
"It will be very interesting to learn more about where we stand in the next few weeks."
Rosberg and Schumacher finished seventh and eighth respectively in last year's drivers' world championship, while Mercedes were fourth in the constructors' standings.