The Caterham CRT03 was unveiled at Jerez on Tuesday featuring a prominent stepped-nose without a vanity panel.
In a new look for the team, Caterham's 2013 car is decked out in an updated livery that sees the team's green and yellow colours lightened.
There's also a new look on the driver front as Charles Pic joins from Marussia while Giedo van der Garde will be making his Formula One debut.
Speaking about the team's new challenger, technical director Mark Smith called it an "important milestone" in the team's development as it is the first car produced at Caterham's Leafield Technical Centre.
"We have made a number of significant changes to the car that takes it from the package that gained us 10th place in the Championship in Brazil in 2012 into CT03.
"Among the 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.
"This is the package we will take to race one in Australia and as part of the 2013 upgrade program we will then bring new front and rear wings and a new diffuser soon after the start of the season."
He added: "Personally I am excited about the season ahead, and the challenges that face us.
"Regardless of the resources and budget available, all the teams will be racing in 2013 with one eye on next year when the new rules may present opportunities to make significant gains, much greater than those available under static rules.
"Our whole team is ready for its fourth season in F1 and I am sure it is going to be another thrilling Championship."
Meanwhile, co-chairman Tony Fernandes explained that even at the start of this season he was well aware that there would have to come a time during this campaign when Caterham stopped focusing on 2013 and turned their complete attention to next year's Championship and the new engine regulations.
"For me this is going to be the story of the 2013 season," said the businessman.
"Every team wants to be as competitive as possible this year, but with such fundamental rule changes next year resources and budgets dictate that there will have to be a cut-off point in the development of the current season cars so focus can be switched to 2014.
"We will bring updates to the car after several races and I am happy that the plan we have for 2013 will give us the chance to fight this year, but, importantly, will allow us to take full advantage of the new rules in 2014."
The Caterham CT03 In Pictures