Formula One's Marussia Virgin Racing team unveiled the MVR-02 car at the BBC in London on Monday.
Last November, Russia's Marussia Motors acquired a significant stake in U.K.-based Virgin Racing. The team will compete under the Russian flag in the 2011 Formula 1.
In accordance with a contract between Marussia Motors and Virgin Racing, the new racing car retains the team colors of red, black and white used last season.
First tests of MVR-02 will be held in Spain's Jerez on February 9.
Russia's Nikolai Fomenko, who was named Marussia Virgin Racing's engineering director last week, said the team's budget for this year is secret.
"Our moto is to achieve more for less money," said Fomenko, who was introduced at the presentation as the face of the Russian version of popular British TV show, Top Gear.
According to the Financial Times, Virgin Racing's 2010 budget stood at $64.4 million, and was one of the lowest among other F1 teams.
Marussia Motors aims to make the team competitive in the coming years, after it earned no points last season.
The team, with drivers Timo Glock of Germany and Belgium's Jerome d'Ambrosio, will debut at the Bahrain Grand Prix on March 11-13.
The deal between Marussia Motors and Virgin Racing is the second attempt to create a Russian F1 team. In 2005, Midland group, owned by Russian-born businessman Alex Shnaider, attempted to create an F1 team, but after its unsuccessful debut in 2006, Shnaider sold the team to Dutch car manufacturer Spyker Cars NV.
LONDON, February 7 (RIA Novosti)
