Ferrari's Spanish driver Fernando Alonso leaves the pits during the second practice session at the Yas Marina circuit on November 2, 2012 in Abu Dhabi ahead of the Abu Dhabi Formula One Grand Prix. AFP PHOTO / MARWAN NAAMANI

Ferrari's new Formula One car will be called the F138 with the name reflecting the year and the eighth and final season of V8 engines, the Italian team said on Wednesday.

Ferrari, runners-up to Red Bull last season, will unveil the car at their Maranello factory on Friday before testing it in Spain next week.

The V8 engine, used in Formula One since 2006, will be replaced next year by a 1.6-litre V6 turbo power unit with energy recovery systems.

It's all in a bid to boost efficiency and keep with the times, regardless of what traditional enthusiasts think or feel.

But fret not, there's still a full year of V8 racing ahead and launch season is officially underway - with Lotus having been the first team to launch its new F1 car earlier this week.

Watch this space on Friday for more news on the still-secret Ferrari F138. -Reuters & IOL