The Cosworth-powered Minardi PS-03, a car team boss Paul Stoddart describes as having the most competitive powerplant in the team’s 19-year history, has been launched in Melbourne.

The Cosworth-powered Minardi PS-03, a car team boss Paul Stoddart describes as having the most competitive powerplant in the team’s 19-year history, has been launched in Melbourne.

Having secured a contract with Bridgestone for the supply of tyres for the 2003 season less than a month before the start of the Australian Grand Prix, the cash-strapped Faenza-based squad finally unveiled the car at Melbourne's Federation Square on the eve of the opening event of the FIA world championship season.

The launch was low-key, with only Stoddart and drivers Jos Verstappen (Netherlands) and Justin Wilson (Britain) present to reveal the new car.

The PS-03 features the liveries of Superfund, Trust and European Aviation and retains the overall black colour scheme from the 2002 season. Stoddart hopes that the Cosworth Racing CR-3 engine - a three-litre, 72-degree V10 unit - will power the team to its best constructor’s championship position to date.

“The KL Minardi team is extremely pleased to have concluded an agreement with Cosworth Racing,” Stoddart said. “The deal will provide KL Minardi with what is clearly the most competitive power unit in its 19-year history in F1. In combination with the latest chassis, I'm sure we will have a very strong package.”

Briton Wilson, the team’s latest recruit, said Minardi’s main goal would be to finish races, not necessarily earn points.

"Minardi are traditionally at the back because they struggle for budget and it's the same again this year, but we will make the most of any opportunity," Wilson said. "Obviously, it would be a dream start if we could score points but our main aim is to get to the finish, and if we do that then we have a good chance of getting in the points.”

For coverage of the F1 launches, click here.

Original article from Car