The Sauber team unveiled their new car for the 2010 Formula One season, the C29, here on Sunday.
It will be driven by Spanish veteran Pedro de la Rosa and Japanese newcomer Kamui Kobayashi.
The team is still registered under the name BMW Sauber F1, but German car-making giant BMW pulled out of the sport last season for strategic reasons and has not met any of the construction costs surrounding the C29.
A spokesperson confirmed that the new car will be powered by a Ferrari engine, although the Italian manufacturers' name will not be associated with the team.
Sauber, who finished sixth in the 2009 constructors championship, aim to maintain the same level this season despite the departures of last season's drivers. Robert Kubica of Poland has joined Renault, while German Nick Heidfeld is currently without a team.
Former McLaren test pilot De la Rosa, 38, will provide support for 23-year-old Kobayashi, who made a promising start to his F1 career with Toyota towards the end of last season.
"We have a long tradition of bringing together an up-and-coming youngster and an experienced campaigner as a driver combination, and it's an approach that has brought us a lot of success," said team owner Peter Sauber.
"Pedro has been working at the highest level technically for many years and for a top team, and we can benefit as a team from this experience.
"Young Kamui also has a lot to offer us, and last year he impressed me, particularly in Abu Dhabi."
De la Rosa has 71 Grands Prix under his belt, with his best result being a second-place finish in Hungary in 2006.
"At last I can feel like a proper racing driver again. I've really missed the competition out on the track," he said.
Kobayashi, meanwhile, said his aim was to make Peter Sauber "proud".
"The last few months have been very intense for us," conceded Sauber.
"First we had to battle to secure the survival of the team and then we focused on putting a strong set-up in place for the future."
Sauber's immediate future in the sport was cast into doubt by BMW's decision to pull out and their place on the starting grid was only confirmed following the withdrawal of the Toyota F1 team.