Ferrari expressed optimism regarding a potential title challenge on Friday at the unveiling of their new car for the 2016 Formula One world championship.

The SF16-H, which features a striking red and white livery, was presented at the team's Maranello headquarters, amid hopes an improvement can be made on last season's distant second-placed finish to Mercedes in the constructors' championship.

"Naturally our goals are growing," said four-time world champion Sebastian Vettel, who recorded three race wins in 2015 en route to securing third place in the drivers' standings.

"We all want more and hopefully this car will help us achieve it. It looks beautiful and should be a decent step up."

Team principal Maurizio Arrivabene added: "Normally I don't set the objective, it is my boss. Last year it was three victories and we got it.

"This year we need to push a bit more, so it is going to be the championship - at least we would like to fight until the end.

"It won't be easy, our competitors won't be sleeping, but for sure we are all committed to do our best."

Ferrari technical director James Allison highlighted the amount of work that has gone into closing the gap to Mercedes - the dominant force in F1 for the past two seasons.

"We know Mercedes were very strong last year, very strong the year before, but we also know we have extremely talented people here at Maranello and we've put nearly 1,000 hours of man work into this car," said Allison.

"I hope we've done enough, but we'll only really know for sure once we start racing it. 

"Last year was a decent step forward, and we hope this car gives us another good step forward and makes us truly competitive.

"It isn't down to one area: we have improved across the board. All our hopes are in this car."