The PS01 marked a new beginning for Minardi. The chassis designation referred to the fact that it was the first car to be races under the ownership of Paul Stoddart, who had bought the team from the terminally-ill Gabriele Rumi only two months before the first race of the season. In between, the PS01 was hurriedly built, with Marques' car still being assembled at the Australian GP. The car was a tidy, efficient design by Gustav Brunner, but it was hamstrung by a lack of testing and horsepower from an elderly engine (which was badged "European", after Stoddart's aviation company).
Despite this lack of preparation, the cars were surprisingly competitive, with Marques only failing to qualify once and future champion Alonso able to compete in the lower reaches of the midfield. However, the team scored no points and were hit hard when Brunner defected to the fledgling Toyota F1 team mid-season. As the season drew to a close, the frustrated Marques agreed to leave the team, allowing the well-funded Alex Yoong to become Malaysia's first F1 driver.
The team also raced an updated car, featuring a revised rear end and gearbox, from the Belgian GP onwards. This chassis was designated as the Minardi PS01B.
The team were unclassified in the Constructors' Championship, with no points.