The chassis was designed by Rory Byrne, Giorgio Ascanelli, Aldo Costa, Willem Toet, and Nikolas Tombazis, with Ross Brawn playing a vital role in leading the production of the car as the team's technical director and Paolo Martinelli assisted by Giles Simon leading the engine design and operations.

It was powered by the 3-litre Ferrari Tipo 047 V10 engine and designed around a narrower track as mandated by the FIA in a series of regulation changes for that season.

[2] Strongly resembling the previous season's Ferrari F310B, albeit with a narrower track and redesigned sidepods, the F300 was a competitive and reliable car; however, it was still aerodynamically inferior to the McLaren MP4/13.

Stalling the car on the grid in the finale at Suzuka definitely made sure the title was lost, compounded by a puncture following a fightback that might have landed a podium.

At the Argentine Grand Prix, a wider front tyre from Goodyear was introduced which significantly improved the handling of the car.