Mercedes unveils its W03 2012 Formula 1 car

The new car has already shaken down the car at Silverstone last week, and conducted a private test at Catalunya on Sunday - which Mercedes was permitted to undertake because it had only been present for three of the four days of running at Jerez earlier this month.

Mercedes chose to stick with its 2011 car for Jerez in order to gain data on this year's Pirelli tyres, and was quickest on two of the days it was present - though it was running to full '11 specification, including the no-longer-permitted exhaust-blown diffuser.

Mercedes' motorsport chief Norbert Haug told AUTOSPORT earlier this week that the W03 would not feature any radical innovations - contrary to speculation that the team had waited until the second test to reveal the car because it featured technical breakthroughs it did not want rivals to copy.

The most obvious outward change is the move to a stepped nose, in common with the majority of rival teams.

Having been unable to beat rivals Red Bull, McLaren and Ferrari to race wins in its first two years, Mercedes GP is hoping to get among the top three on a more regular basis this year.

Last season it revamped its technical team with the addition of former Renault man Bob Bell, ex-Ferrari design chief Aldo Costa, and Geoff Willis, formerly of Williams, BAR and Red Bull.

Nico Rosberg and Michael Schumacher continue in an unchanged driver line-up at Mercedes. With Schumacher coming into the final season of what was initially planned as a three-year comeback deal, speculation about whether the seven-time champion will stay on into 2013 and beyond is likely to be one of the biggest stories around Mercedes this season.