Mercedes unveiled its 2012 challenger, the W03, at Barcelona this morning, the car with which Michael Schumacher and Nico Rosberg aim to take on the big three.

The new Silver Arrow has undergone an intensive programme of simulation testing at the team's technical bases in Brackley and Brixworth. This was followed by a filming day limited to 62 miles at Silverstone on 16 February, and a private test day in Barcelona on 19 February, during which the car ran for 220 miles. Schumacher and Rosberg shared driving duties on both days.

The new car concept is based on a largely stable set of technical regulations, which nevertheless include two significant changes: revision of the maximum bodywork height at the front of the car, which encouraged the distinctive stepped-nose design; and new restrictions concerning the positioning of the exhausts, designed to prevent the aerodynamic benefit gained from exhaust gases during 2011, the so-called 'blown diffuser'.

The W03 project was begun in May 2011 and is the first full car produced by a technical team that was strengthened last year with recruitments at every level of the organisation. The new car, which is composed of some 4500 parts compared to 4300 parts in 2011, has nevertheless achieved a lower core weight than its predecessor, is better packaged and more efficient. All mandatory FIA crash tests had been successfully completed at the first attempt by the end of the first week of January 2012.

The 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," said Ross Brawn. "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. Last year, we produced a very bold car and, although its more radical elements didn't always deliver the results we had hoped for, the experience we gained has been invaluable to the design of the 2012 car. The F1 W03 is also a more integrated package, which reflects the ever-strengthening ties between our technical teams in Brackley and Brixworth, and demonstrates that our Silver Arrows works team is taking the next step forward in terms of on-track performance."

Rosberg, who drove the first laps in the car at Silverstone, added: "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. 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. From the beginning of our running, we have been able to focus on understanding the car and making good progress with our test programme. It will be very interesting to learn more about where we stand in the next few weeks."