Lamborghini is going racing with a new version of its Gallardo GT3.

Lamborghini has announced a new factory-backed GT3 racing program with Germany's Reiter Engineering. The partnership will last for five-years an include a new Gallardo-based race car for the 2013 and 2014 racing seasons.

Lamborghini's latest racer, called the Gallardo GT3 FL2, was developed by Reiter and the Italian automaker's new in-house R&D motorsport department. Based on the 2013 model year Gallardo, the GT3 FL2 features a number of key improvements, including '24-hour' brakes, improved engine cooling and a new aero kit. The car is also GT3 FL2 is also 25 pounds lighter than the outgoing Gallardo GT3, which improves the car's overall efficiency.

"We are delighted to announce a minimum five-year agreement with Reiter Engineering as our exclusive development and supply partner for Lamborghini GT3 cars, based on Reiter's strong engineering skills, passion for and understanding of the Lamborghini brand and, of course, obvious racing success," said Stephan Winkelmann, President and CEO of Automobili Lamborghini. "We are committed to supporting racing in Europe and Asia in 2013 with expansion into the USA in 2014: GT3 racing, together with our highly successful mono marque Lamborghini Blancpain Super Trofeo series in Europe, Asia and this year the USA, are a clear fit with the Lamborghini brand, where we take the prowess of our super sports cars from the road to the track."

Lamborghini expects to deliver the first examples of the new Gallardo GT3 FL2, which carries a price tag of 320,000 euros ($430,500), to customers in Europe and Asia in March.