Toto Wolff is confident "there is a lot of potential" in the Mercedes W13 with the team 'relishing' the challenge of extracting this performance.
Mercedes has claimed the F1 constructors' championship title in each of the last eight seasons with the team also achieving drivers' honours in seven consecutive years from 2014-20.
The team stole headlines with its unique 'disappearing sidepod' concept revealed at the Bahrain test last week and Wolff has claimed the team is 'relishing' the task of unlocking the car's true potential.
"The start of a new Formula One season is always exciting, and this year more than most. With new technical and sporting regulations, there is so much to learn and discover as this new season begins," said Wolff.
"Barcelona was a productive first test of the W13, then we brought a big update to Bahrain for the pre-season test which resulted from a huge effort by the whole team.
"We completed good mileage, had solid reliability, and learned a lot about our new car, but it was not a straightforward three days for us.
"We tried plenty of set-up options and made good progress in understanding our limitations, and there's still plenty of room for us to improve further.
"There is a lot of potential to unlock in the W13, and we know how much we relish the challenge of understanding the car and extracting the maximum from it, and this will be our focus for the coming days, weeks and months."