Coulthard gave Red Bull's new car a first test on Monday

The ex-Jaguar team, now owned by soft drinks magnate Dietrich Mateschitz, unveiled their new car on Monday.

Red Bull sporting director Christian Horner said: "We want to punch above our weight and grab any opportunities as they present themselves.

"But I've inherited a car and engine from a previous management and this year will be putting in the foundations and a structure for the future."

The team's only confirmed driver, David Coulthard, put the first laps on the new RB1 car at Jerez in southern Spain.

The Scot will test this week alongside Austrian Christian Klien and Italian Vitantonio Liuzzi, who are vying for the second seat.

David Coulthard is 33 but he has plenty more to give and at the moment he is our biggest asset Christian Horner Red Bull F1 sporting director

Coulthard said that to expect the team to win a Grand Prix this season would be a "pipe dream".

But Horner said he was reasonably happy with the car's first test.

"We were mainly running for some film we were shooting but both chassis one and chassis two completed a few laps in wet and mixed conditions and both did exactly what we expected," he said.

"I haven't had an input into this car but it looks like they have done a pretty good job with it.

"I am very impressed with what I have seen so far. The team is very motivated and there is a great deal of drive there which I can identify with."

Red Bull bought the team in November, so the car is effectively the machine Jaguar would have raced had they carried on, although its design process was disrupted by the uncertainty over the team's future last year.

The team was owned by US car giant Ford, which sold its engine supply company Cosworth as well.

Klien is one of two drivers vying for Red Bull's second seat

Cosworth, now owned by the bosses of the US-based Champ Car series, are continuing as Red Bull's partner.

"Certainly the power of the engine looks respectable," Horner said.

"Obviously reliability is going to be key this year... we will have a step forward on the engine half way through the year but they are competing against some very big opponents and it's enormously difficult."

Most F1 teams use engines supplied by major motor manufacturers with budgets of well over �100m.

Horner said the team's hopes of strong results were being pinned on Coulthard, who joins after nine years at McLaren.

"In David we have a fantastically experienced driver who has won 13 Grands Prix and been on the podium 50 times. He brings a wealth of experience to the team.

"He is 33 but he has plenty more to give and at the moment he is our biggest asset."

Horner said the decision on whether to pick Klien, who raced for Jaguar last year, or Liuzzi, the International Formula 3000 champion, will be taken later this month.

"We have a test in Barcelona next week and we will decide after that," he said.

"They are two young chargers. Christian will benefit from a second year racing and Tonio was outstanding in Formula 3000. He is undoubtedly a star of the future.