FIRST LOOK: Rossi and Lorenzo's 2015 Yamaha

CLICK HERE to read what Rossi, Lorenzo and Yamaha management had to say at the launch.

Yamaha became the first MotoGP team to unveil its 2015 colours during a launch ceremony headlined by Valentino Rossi and Jorge Lorenzo at Movistar's headquarters in Madrid.

Entering the second season Movistar's five-year title sponsorship, the latest M1 continues with a blue and white theme. Rossi retains his famous yellow 46 and Lorenzo a red 99, while blue has replaced white on the top of the fuel tank. The wheels are also now blue.

The main Movistar logo has been made larger by removing the word 'Movistar' from underneath, with Eurasian Bank taking over the space previously occupied by Yamahalube on the lower part of the fairing. Three new sponsors have joined the team: Abarth, Cromax and Descente.

Presenting the 2015 livery alongside Rossi and Lorenzo was the president of Telef?nica Espa?a, Luis Miguel Gilp?rez. They were joined by the General Manager of Yamaha's Motorsport Division, Kouichi Tsuji, the Managing Director of Yamaha Motor Racing, Lin Jarvis, and Movistar Yamaha's Team Director Massimo Meregalli.

Jarvis said: "This year we have decided to present the new bike at the home of Movistar, at the Distrito Telef?nica in Madrid. From here the new season begins, and a new adventure for all of us. The "M" for Movistar on the fairings of our M1 is even bigger this year representing even greater union between us.

"We are once again fortunate to have two great champions in the team and two of the best riders in the world: Valentino Rossi and Jorge Lorenzo. Both want to achieve their goal, to win races and to win the title and I am sure they will be committed to work together as Movistar Yamaha MotoGP team Factory riders to make their bikes faster and more competitive to challenge our competitors.

"From our side I can assure our riders that Yamaha Motor and everybody in the Movistar Yamaha MotoGP team is committed and focused to provide them all the support they will need to achieve their and our mutual goals. I am very excited to start the new season and we are ready to challenge together for victory in 2015."

Rossi and Lorenzo claimed two wins each last year, on the way to finishing second and third respectively behind Honda's runaway world champion Marc Marquez.

Pre-season testing starts at Sepang in Malaysia on February 4.

@ValeYellow46 on his 2015 Movistar Yamaha #MotoGP pic.twitter.com/BfCuxPB5qj-- Crash.net MotoGP (@crash_motogp) January 28, 2015

@lorenzo99 on his 2015 Movistar Yamaha #MotoGP pic.twitter.com/3lFVdkUqDH-- Crash.net MotoGP (@crash_motogp) January 28, 2015

2015 YZR-M1s of Valentino Rossi and Jorge Lorenzo #MotoGP pic.twitter.com/mNzxeVf5UT-- Crash.net MotoGP (@crash_motogp) January 28, 2015

Q&A session now underway at Movistar Yamaha team launch #motogp pic.twitter.com/DrjgE0v9pX-- Crash.net MotoGP (@crash_motogp) January 28, 2015