JEREZ, Spain (AP) — Caterham says it has chosen to challenge for Formula One success this year with an evolution of last season's car rather than developing a new design.

Team principal Cyril Abiteboul says this strategy will allow for consolidation, while an allocation of "resources and budgets as efficiently as possible" should permit them to start "work on the 2014 car as early as possible."

The Renault-powered CT03 was unveiled in the Jerez pit lane with former Marussia driver Charles Pic and newcomer Giedo van der Garde as racers.