Ferrari is the first major team to unveil its new race car for the 2011 Formula 1 series, which kicks off with the Bahrain GP this March. The latest race car, dubbed the Ferrari F150, was unveiled today at the automaker’s headquarters in Maranello, though it’s development is still ongoing and there will be some changes before the first race in Bahrain.

Several of the aerodynamic parts, for example, like the front and rear wings, are borrowed from the 2010 race car. One major change is the prominent Scuderia Ferrari logo on the engine cover. Other, more significant changes, include a raised chassis, a high seating position, a simpler rear diffuser, a new movable rear wing and of course, the return of the Kinetic Energy Recovery System (KERS).

With its newest race car Ferrari is determined to clench both the constructors' and drivers' titles after several near misses in recent years.

After the official presentation, the car was sent off to Ferrari’s Fiorano test track where Fernando Alonso put it through its paces for the first time. Tomorrow will see the new race car head to Valencia for its official first shakedown test with Ferrari’s other driver, Felipe Massa, behind the wheel.

Incidentally, the name F150 was picked because Ferrari wanted to celebrate the 150 years of Italy’s unity.