Michael Schumacher could only manage fourth place despite being the fastest driver on the track, after a late pitstop to repair bodywork damage and take on fuel left the World Champion off the podium. Team mate Rubens Barrichello retired early on.

The race started in damp conditions which saw the Bridgestone runners storm ahead on their intermediate tyres. Running a revised version of last year's F2002, Schumacher and Barrichello, starting from the front row, had pulled out a gap of almost seven seconds on the rest of the field by the end of the first lap. However, after a couple of laps as the track rapidly dried out, Kimi Raikkonen and Juan Pablo Montoya, who had started on slicks, shot to the front as the field pitted for dry tyres.

By lap six Rubens Barrichello was out, crashing heavily after making an error. From the flag the action had been hectic and after two safety car periods by lap 20, Rakkonen held off Michael Schumacher brilliantly, forcing the World Champion to dive into the pits and gamble on a three stop strategy.

Raikkonen was then penalised for speeding in the pitlane, handing the lead back to Schumacher, but after running wide, damage to his barge boards and undertray dropped the German Ferrari driver down the order, allowing Montoya in the Williams-BMW to take the lead, until he spun and allowed David Coulthard into a lead he would not relinquish. Coulthard, playing catch up after a poor opening period was gifted his 13th career win in an afternoon when the new rules changes contributed to one of the most exciting Grands Prix for years.