The 003 was effectively the same as the Tyrrell 001 with a redesigned nose section, longer wheelbase, and a narrower monocoque.

When Ken Tyrrell, the team's owner, became disenchanted with the poor performance of the March chassis during the 1970 season, he decided he would design and build his own car.

The resulting car named Tyrrell 001 made its debut at Oulton Park in a non-championship race.

Driven by Jackie Stewart, it debuted at the 1971 Spanish Grand Prix and won at the first attempt.

The 1972 season saw Lotus back in form with Emerson Fittipaldi challenging Stewart for the championship.