The 2003 Lexus ES 300 was unchanged, after undergoing a complete redesign for the previous model year. In 2004 it would receive a new engine. For now, the ES had gained a new status within the Lexus lineup, finally relieved of its entry-level classification. The new ES 300 featured more room and amenities than its predecessors, and the exceptional ride quality was of course unaltered. Sticker price reflected the revisions, as Lexus attempted to establish the ES as more of a peer of the LS 430. For the last time, the ES 300 housed a 3.0 liter V-6. This engine made 210 horsepower and 220 pound-feet of torque. The 0-60 mph mark remained at about eight and a half seconds. The engine utilized Toyota's Variable Valve Timing technology, which improved power, fuel efficiency, and emissions. Fuel economy was observed at 21/29 mpg. This third generation of ES also saw a transmission grade, from a four to a five-speed automatic.
While the ES image had been revised, one problem remained in the eyes of many drivers: power. The ES series power plants had evolved from a very modest 156 horsepower engine, but performance data had not seen dramatic change. Owners felt that a car priced comparably to European performers should be more capable. Granted, the "it's a Camry" comments had largely dissolved from the user reviews, but the underpowered ES still needed to validate its sticker price on the road. Once again, a new ES was a year away.