Across its two seasons of racing the car was driven by Italians Pierluigi Martini, Luca Badoer, Giancarlo Fisichella and Giovanni Lavaggi, Portuguese Pedro Lamy and Brazilian Tarso Marques.

A last-minute decision from Mugen to supply Ligier left Minardi struggling to adapt their car to take a Ford Motor Company ED engine.

The court ruled that the deal between Minardi and Mugen was "reaching a point of mutual agreement so that it was legitimate to expect that the contract would have been effectively concluded.

[7] The car was upgraded for 1996, with the main visible difference being higher cockpit sides per new rules on driver safety.

The M195 and the M195B had a black and white colour scheme, with fluorescent green painted wings from major sponsors Doimo and Valleverde.