BMW unveil 2006 challenger in Valencia

BMW are making their debut as team owners this year after ending their engine partnership with Williams and buying Swiss-based Sauber last season.

BMW motorsport chief Mario Theissen said the team have set ambitious targets for their Formula One future, but the German warned that it will take time before they start achieving the results they want.

"We are a new team and we start from eighth position in the Constructors' Championship, that is what team achieved last year," said Theissen. "The target is to move up the ladder as quickly as possible and we are confident we have put everything in place.

"It takes time, it will not happen overnight. When I say we are taking on 100 people and building new factory it will go on through 2007. It is clear we are on a several years programme. We have the resources, patience and dedication to get there."

Theissen said BMW's goal would be to start winning races in three years time.

"I think it should be possible, but in the end it is a sport. But the basis of every sport is you don't know who wins. If you knew, no one would be interested and that is what makes it very exciting.

"We start from P8 in the Constructors'. An improvement is satisfying and we have to make a step. I do not promise podiums or victories this year, but we will put everything in place to make sure we get there."

Theissen also revealed he would be the man in charge of the team.

"At BMW we do not have titles like team principal," he said. "I am called Director of Motorsport, and F1 is about motorsport so I am heading this operation as well."

BMW said the new car, to be called F1.06, is largely a new design, still taking some cues from previous Williams and Sauber designs.

The car will complete its first shakedown this afternoon at the Valencia circuit.