The car will be driven by an all new driver line-up as Charles Pic joins from Marussia.
2012 reserve driver Giedo van der Garde steps up from GP2 to join Pic at the team.
"CT03 is the first car we have produced in the Leafield Technical Centre so it marks an important milestone in the development of our team," said technical director Mark Smith. "The season ahead presented us with an interesting challenge early in the design process as it is the last year of the current regulations before the introduction of the new engine rules in 2014. With that in mind we decided that CT03 would be an evolution of CT01 rather than a complete re-design, allowing us to focus our resources on developing areas of last year’s package where opportunities would give us the greatest return, whilst also beginning work on the 2014 package."
"We have made a number of significant changes to the car that takes it from the package that gained us tenth place in the 2012 Championship in Brazil into CT03. Among the most obvious are around the lower chassis where the sidepods have been significantly undercut to improve airflow to the rear of the car. The diffuser, engine cover and cooling exits have also seen major changes and there are more subtle improvements to other areas of the car, such as the sidepod turning vanes and the lower tea-tray area. This is the package we will take to race one in Australia and as part of the 2013 upgrade program we will then bring new front and rear wings and a new diffuser soon after the start of the season."
"Driving the cars this year are Charles Pic and Giedo van der Garde, two drivers who give us a good mix of youth and experience inside and outside Formula One," added team principal Cyril Abiteboul. "Charles and Giedo are both young and dynamic and we expect that their enthusiasm for the sport and the team will be fuelling our growth. Additionally, they provide clear proof of our dedication to developing young driver talent and now, any aspiring driver who dreams of F1 can see that there is a clear route to the F1 grid under the guidance of the Caterham Driver Development Program, the 2013 format of which will soon be presented."