Initial design work on the C22 began as early as May 2002. The development brief emphasised improved structural rigidity, better reliability, and a more compact and lighter overall package compared to the preceding C21. The team continued their customer relationship with Ferrari, receiving a V10 power unit badged as the Petronas 03A. This engine was derived from the Ferrari works unit that had powered Michael Schumacher to the 2002 World Championship. Sauber also switched to Petronas Primax racing fuel for the first time after six seasons running Shell fuel as part of the Ferrari customer arrangement.
The C22 was launched on 9 February 2003 in Hinwil, Switzerland, accompanied by an acrobatic ice skating display. A planned shakedown at Ferrari's Fiorano Circuit in January was abandoned due to snow. Testing resumed at Barcelona and Valencia, where the car was received positively despite a power unit failure and difficult weather.
Because Sauber did not opt into the FIA's 2003 Friday testing programme — which exchanged additional in-season running for restrictions on private testing — the team ran their own development sessions throughout the year at circuits including Silverstone and Jerez. Swiss driver Neel Jani served as test driver for 2003 and contributed to aerodynamic development work at a test track near Milan.
Nick Heidfeld returned for his third season with Sauber, now joined by Heinz-Harald Frentzen. Frentzen had previously raced for Williams and Jordan and had deputised for Felipe Massa at the 2002 United States Grand Prix, which led directly to his 2003 signing. Massa departed to become a test driver at Ferrari. Neel Jani was signed as test and development driver.
The season began positively, with Frentzen qualifying fourth at the Australian Grand Prix and finishing sixth to open Sauber's points tally. Further points followed in Malaysia and Brazil from both drivers. However, as the season progressed, unreliability became a recurring problem alongside finishes outside the points.
Technical failures accounted for several retirements. Frentzen was unable to start the Austrian Grand Prix at all due to a clutch problem. At Monaco he crashed at the swimming pool chicane on the opening lap and was classified as completing zero laps. Of the season's retirements, only two were attributable to accidents or collisions.
The season highlight came at the 2003 United States Grand Prix at Indianapolis, where both Sauber cars scored points in the same race for the first time, and Frentzen finished third. This was the C22's only podium finish and the 18th and final podium of Frentzen's Formula One career.
The C22 ended the season with 19 constructor points, placing Sauber sixth in the standings. Heidfeld was the more consistent of the two drivers across the year, and the team's reliability issues prevented a stronger overall result. The C22 marked the end of an era in the team's driver roster: Frentzen retired from Formula One to join the Opel DTM programme, while Heidfeld left Sauber before eventually returning when it became BMW Sauber in 2006.
Lead sponsors Petronas and Red Bull were retained for 2003. Mobile TeleSystems (MTS), the Russian telecommunications company, was unveiled as a new key sponsor at the Hinwil launch event. Credit Suisse, which had backed the team since 2001, continued wing branding and announced a renewal for 2004. The colour scheme maintained the established blue, cyan, and white palette.