Team chief Frank Williams is confident his team can spearhead the challenge to Ferrari this season.
Williams helped unveil his 2003 challenger at the Circuit de Catalunya near Barcelona this morning admitting the team had learnt lessons last year.
The Oxfordshire-based outfit had high hopes of battling for the drivers' and manufacturers' titles last year but could only win one race as Ferrari and Michael Schumacher dominated.
But Williams said at the launch of the FW25: "In 2002 we had a tough year but it taught us a lot of lessons.
"In 2003 we are optimistic because we have got a good product and we want to see if its as good as the best.
"BMW and Williams are very impatient companies. This year we have set ourselves high targets but we want to reach and maybe exceed those targets."
Williams said talks were still on-going with the German car giant over extending their four-year partnership after this season.
Former grand prix driver Gerhard Berger, now head of motor sport at BMW, said: "We are looking at possible scenarios over the future of BMW in F1.
"I'd like to see a longer-term partnership with Williams. I would say they are in pole position. But everybody knows how hard it is to negotiate with Frank so we will see what comes out of it."
Drivers Ralf Schumacher, who scored Williams' only win last year, and Juan Pablo Montoya are set to give the FW25 its first test at the Spanish track this weekend.
Colombian Montoya - unable to win despite starting on pole seven times last season - admits this season's new one-off qualifying lap rule means he will have to change his approach.
"I think it will be good, but the most important thing will be getting the car working for the first lap," said Montoya, who launches his bid for the drivers' title in Melbourne on March 9th.
"That was my weakest part last year, the first few runs, when the balance was not as good. We need to work this year to ensure we have a good balance for that first lap."