Caterham Formula One team's 2013 car was unveiled in the pitlane of the Circuito de Jerez on day one of the first pre-season test.
The CT 03 was revealed by the team's drivers Charles Pic and Giedo van der Garde.
The car has technical features that distinguish it from its predecessor, CT01, and it will race in an updated livery which sees the team's green and yellow paint-scheme refreshed and lightened for the season ahead.
Mark Smith, Caterham's technical director said: "CT03 is the first car we have produced in the Leafield Technical Centre so it marks an important milestone in the development of our team. The season ahead presented us with an interesting challenge early in the design process as it is the last year of the current regulations before the introduction of the new engine rules in 2014.
"With that in mind we decided that CT03 would be an evolution of CT01 rather than a complete re-design, allowing us to focus our resources on developing areas of last year's package where opportunities would give us the greatest return, whilst also beginning work on the 2014 package.
Smith added: "Some of the changes are most obvious are around the lower chassis where the sidepods have been significantly undercut to improve airflow to the rear of the car. The diffuser, engine cover and cooling exits have also seen major changes and there are more subtle improvements to other areas of the car, such as the sidepod turning vanes and the lower tea-tray area."