2011 ferrari F1 named.

Ferrari's new Formula One car that will be unveiled Friday will be called the F150 in honour of the 150th anniversary of Italy's unification.

The Italian flag will also feature prominently on the cars driven by Fernando Alonso and Felipe Massa.

Ferrari president Luca Cordero di Montezemolo tells the ANSA news agency that all Ferrari workers "share the honor and responsibility of representing our country in the world and it's with this spirit that we wanted to dedicate this car to such an important event for all of Italy."

Italy President Giorgio Napolitano was informed of the decision Tuesday and wished the team good luck for this season, which opens with the Bahrain Grand Prix on March 13.

787 test program nears an end

Boeing has a revised third quarter target for the delivery of the 787′s service entry now looks to be achievable given all of the delays and setbacks experienced during the testing program – although this comes at a huge financial cost in writing off the first three test airplanes, (ongoing) compensation to customers and a hugely embarassing three year delay to the program.

With just several hundred hours of flight testing yet to be completed, Boeing has, with this revised entry into service schedule, provided the first realistic target of getting the airplane delivered.

Delivering the first 787 earlier will make better headlines, but as with the 777 program, Boeing is aiming to ensure ETOPS (Extended-range Twin-engine Operational Performance Standard) capability out-of-the-box for 787 customers.

Delivering the first 787′s will alleviate near-term pressures, but the bigger question remains of how long it will now take Boeing to reach its former target of ten airplanes a month – 2013 is now out of the question.

Red Bull Racing under investigation.

Officials are investigating whether reigning Formula 1 champions Red Bull overspent last season according to the BBC.

Formula 1 teams' umbrella group FOTA is to investigate allegations that teams may have overspent.

Rivals are accusing Red Bull of breaking the Resource Restriction Agreement, an agreement which puts limits on staff, spend and resources.

The Resource Restriction Agreement was drafted by the teams in 2009 as a way of keeping costs under control. It defines a series of limits on staffing, external spend and aerodynamic development, and a sliding scale of punishment.

Red Bull team principal Christian Horner denied breaking the Resource Restriction Agreement.

"We've worked in accordance with the RRA limits since they were introduced," Horner told BBC Sport. "With tremendous hard work and internal efficiencies, we believe we've absolutely adhered to it," he told the BBC.

"Red Bull has committed its budgets wisely and it's obviously surprising that people will feel that way, but it's inevitable, I guess, when you're at the front and winning races."