The CT01 was the first car unveiled for the 2012 season, though the planned online launch on 26 January was moved forward by a day and held on 25 January instead. It was also the first car built by the team to feature KERS — a kinetic energy recovery system — reflecting the maturation of the team's technical capability since its entry into Formula One in 2010. Petrov replaced Jarno Trulli in the driver line-up after the first pre-season test at Jerez.
Following a difficult start to the season where no points were scored, the team announced ahead of the British Grand Prix that a significant package of upgrades would be introduced for the next race.
Caterham began the year in Australia with Kovalainen and Petrov qualifying 19th and 20th, more than two seconds off the pace of the Q1 benchmark. Both cars retired — Petrov with steering issues and Kovalainen with suspension failure. In Malaysia, the team again occupied the back row of the grid but managed to bring both cars home for the first time in 2012, with Petrov in 16th and Kovalainen in 18th.
The Bahrain Grand Prix marked a small breakthrough when Kovalainen qualified 16th, entering Q2 for the first time in 2012, making it through ahead of several more established runners. The team's competitiveness over Marussia and HRT — a pattern established in 2011 — remained consistent throughout the season.
At Monaco, Kovalainen came closest to something approaching a midfield result, running as high as 12th before contact with Sergio Pérez forced a front wing change. He finished 13th, the team's best result to that point in the season. The pace shown there suggested the car was capable of higher finishes given the right circumstances.
At the European Grand Prix in Valencia, both drivers showed genuine race pace with Petrov running inside the top ten for an extended period and Kovalainen not far behind. Both cars were involved in incidents with Toro Rosso's Jean-Éric Vergne and Scuderia Toro Rosso at different stages of the race, but Petrov recovered to finish 13th — matching the team's Monaco result — and Kovalainen finished 14th.
The update package introduced for the British Grand Prix included new rear bodywork and a revised exhaust layout, but wet practice sessions prevented the team from properly evaluating the upgrades. Petrov suffered an engine failure on his way to the grid and was unable to start. Kovalainen finished 17th alone on the track for Caterham.
At Hockenheim for the German Grand Prix, grid penalties promoted both drivers several places before the start. Petrov finished 16th while Kovalainen came home a lap down in 19th. In Hungary, Kovalainen qualified within four tenths of a second of Toro Rosso's Daniel Ricciardo in 19th place, and the team ran competitively before bringing the cars home in 17th and 19th.
Caterham did not score any points during the 2012 season, finishing 10th in the Constructors' Championship ahead of Marussia and HRT.
The CT01 carried a largely similar green livery to the previous Team Lotus cars, with subtle changes including the removal of the white-green stripe from the rear wing. The front and rear sections retained the colour scheme of the 2011 car. From the Canadian Grand Prix onwards, the team added Queens Park Rangers as a commercial partner, with the football club's branding featured on the car.