Lotus has become the second of the new F1 teams to launch its 2010 challenger after taking the wraps off its car at a launch in London.

The car, named the T127, will run in a striking green and yellow livery similar to those seen on Lotus machines in years gone by and was launched less than six months after the team was granted an entry onto the grid for the 2010 season.

Powered by a Cosworth engine, the T127 will be driven by experienced F1 racers Jarno Trulli and Heikki Kovalainen this season with Fairuz Fauzy - who completed a private shakedown of the car at Silverstone earlier this week - acting as a reserve.

"I am extremely proud to be here today and to be able to show the world the fruits of the team's hard work over the last five months," team boss Tony Fernandes said. "It's humbling for me and my fellow shareholders, Kamarudin Meranun and SM Nasarudin to see how a team that five months ago didn't even exist is now a thriving workforce, full of enthusiasm and passion for Lotus Racing and the challenges ahead and capable of producing such a beautiful machine in such a short time.

"Now we've achieved two major milestones; confirming our entry and unveiling our car, but now the real work starts. Next we move on to testing and the season ahead and I'm confident that the team will exceed expectations wherever we go, and will do so on a wave of support around the world that has been growing daily since we first unleashed Lotus Racing back in September '09."

Technical director Mike Gascoyne admitted it had been a difficult challenge to get the new car ready for the 2010 season but insisted that the team was ready for the year ahead.

"The last few months have been some of the most challenging of my career, but it's been a challenge the whole team and I have thrived on since we first started work on the car up in Norfolk," he said. "I'm delighted that we've reached this point, and now we have a beautiful car that gives us a great base to work from for the season ahead and a fighting chance of going racing in the right way, with a winning mentality.

"The hard part starts now, and I know everyone in the team and I are up for whatever lies ahead."

The T127 will head to Jerez for its first test proper next week.