Alfa Romeo will return to the sport after an absence of 30 years as Sauber's title sponsor, with the Swiss team strengthening its Ferrari ties, having cancelled its planned Honda partnership.
Formula Two champion Charles Leclerc will graduate to F1 with Sauber next season.
There was always a doubt as to whether Ericsson would hold on to his seat, however, with Antonio Giovinazzi waiting in the wings, but they have opted to give the Swede another chance.
The covers were then pulled off a showcar, revealing a red and white livery, with a large Alfa Romeo logo on the engine cover.
Ericsson failed to score a single point in the 2017 F1 season while his team-mate Pascal Wehrlein managed five only to lose his race-seat.
"It was a great experience to drive a few FP1 sessions and tyre tests for the Sauber F1 Team in 2017, during which the team welcomed me straight away", said Leclerc. "I think the guns are loaded in a different way".
Communities preparing for parades, lighting ceremonies
The parade route runs from Spotsylvania Middle School to Spotsylvania Courthouse Village/Merchant Square Pavilion. The event also will include face painting, a balloon sculptor and visits with Santa and Mrs.
It's been a busy year for Sauber.
"I think obviously we're starting from quite far behind because we had a hard season, but I think we have the potential to take a good step forward".
The news was announced Saturday as the team's Formula One vehicle was also unveiled with it's slick red and white colouring with a prominent Alfa Romeo logo.
"For now I'm a Ferrari fan, but if Alfa Romeo Sauber do well that would of course be very welcome", Marchionne said.
Alfa Romeo supplied engines in the 1960s and 1970s and returned as a constructor in 1979 before again withdrawing at the end of 1985.