By the late 1980s Cosworth's DFV-derived engines had reached the limits of their competitive potential against the new generation of V10 and V12 units from Renault, Honda, and Ferrari. The HB (designation HBA1 in its initial form) was an all-new design with a 75-degree vee angle rather than the 90 degrees used in the DFV family. Its bore and stroke measured 96 mm x 60.4 mm for a total displacement of 3,498 cc. At introduction it was rated at approximately 630 bhp, and by 1993 the factory specification HBA8 variant used by Benetton was producing approximately 700 bhp at 13,000 rpm.
The narrower vee angle was chosen to lower the centre of gravity and allow more compact packaging within the chassis. Although the HB was less powerful than the contemporary Renault RS3 V10 and Ferrari V12 designs, Cosworth and Ford positioned it as an advantage in terms of weight and fuel economy, characteristics valued particularly by smaller teams.
The HB made its competition debut at the 1989 French Grand Prix with Benetton. In its debut season, Benetton ran both the HBA1 and the development HBA4 specification, and the engine took its first victory at the Japanese Grand Prix in 1989.
Benetton retained exclusivity on the latest factory specification through 1989 and 1990. From 1991, customer versions — kept two specification steps behind the works units — were made available to other teams. Jordan Grand Prix received customer HB engines for the 1991 season, marking the team's Formula One debut. Lotus joined the customer programme in 1992.
The most notable customer success came in 1993 when McLaren, having lost their Honda V12 supply at the end of 1992, were supplied with the customer HBA7 and later HBA8 specification engines. Driving the McLaren MP4/8 powered by the HB, triple World Champion Ayrton Senna won five Grands Prix that season despite the known power deficit versus the Renault-powered Williams cars that dominated the championship.
Alongside its Formula One duties, a Jaguar-badged derivative of the HB was developed by Tom Walkinshaw Racing for use in sports car racing. This version was rated at approximately 650 bhp at 11,500 rpm and was fitted to the Jaguar XJR-14, which proved extremely successful in the World Sportscar Championship. The XJR-14's combination of the HB's power output with an advanced aerodynamic package designed with assistance from Rory Byrne made it one of the dominant sports prototypes of the early 1990s.
The HB's tenure in Formula One extended from 1989 through 1993, spanning a period of significant regulation and technical change. It was succeeded by the Cosworth EC V8 for the 1994 season, developed from the HB architecture and badged as the Ford Zetec-R, which went on to power Michael Schumacher to his first Drivers' World Championship with Benetton. The HB therefore represents the immediate foundation upon which that championship-winning lineage was built. Its combination of relatively compact dimensions and respectable power made it a practical choice for customer teams throughout its service life and demonstrated that well-engineered V8 designs could remain competitive against larger-displacement rival configurations.