After a troubled 2010 season both on and off the track, speculation mounted that Hispania might not return for 2011 at all. Development of the new car was complicated by a failed arrangement with the remnants of Toyota Racing. Hispania had sought access to Toyota's abandoned TF110 project, but Toyota ultimately withdrew from the agreement, citing the team's uncertain financial situation. Reports later suggested that designer Geoff Willis had been able to review the TF110's technical plans long enough for certain concepts to influence the F111 chassis, though driver Narain Karthikeyan confirmed that the new car would be largely based on the F110 it was succeeding.
The car's launch was set provisionally for 3 March 2011 but was delayed until 11 March at the final pre-season test session in Barcelona. Even then, Hispania was unable to run the car during testing because key suspension components had been held up by Spanish customs. The F111 was the twelfth and final 2011 car to be unveiled, arriving after the Bahrain test had already been cancelled, meaning the team went to the opening race with virtually no mileage on the new chassis.
The F111 completed its first timed lap only in the final ten minutes of the third practice session at the Australian Grand Prix, with Karthikeyan at the wheel. In qualifying, both cars failed to set times within 107 percent of pole-sitter Sebastian Vettel's benchmark and were excluded from the race. The car also lacked its proper nose and front wing at that stage, as they had not yet passed crash tests; the components carried over from the F110 were used as stand-ins.
From the Malaysian Grand Prix onwards the correct nose and front wing were fitted, and the F111 qualified comfortably within the 107 percent limit for the remainder of the season, though both cars regularly retired with mechanical issues in the early rounds. In Monaco, both drivers crashed in practice and did not set qualifying times, but were permitted to start the race under the sporting regulations. Liuzzi finished 16th and Karthikeyan 17th, both benefiting from retirements ahead of them.
The Canadian Grand Prix provided the team's strongest race of the season, with Liuzzi and Karthikeyan crossing the line in 13th and 14th respectively, finishing ahead of both Virgin drivers and one of the Lotus cars. A post-race time penalty demoted Karthikeyan to 17th, however.
Red Bull test driver Daniel Ricciardo replaced Karthikeyan for the majority of the remaining races from the British Grand Prix onwards, with Karthikeyan returning for the Indian Grand Prix at his home circuit. Despite picking up damage on the opening lap in India, Karthikeyan beat Ricciardo by over 30 seconds to finish 17th. Neither Ricciardo nor Liuzzi managed to finish better than 18th in any race during their stints.
Hispania finished the 2011 season 11th in the World Constructors' Championship, one position ahead of Virgin.
The F111's livery was primarily white with red inserts on the nose and cockpit bordered in black. Hollywood concept vehicle designer Daniel Simon, known for his work on the 2010 film Tron: Legacy, was engaged to design the car's appearance. The words "this could be you" appeared on the car's sides, reflecting the team's continuing search for sponsorship backing.
When the team — renamed HRT by new owners Thesan Capital — did not have its 2012 successor, the F112, ready for the opening pre-season tests at Jerez, it provided driver Pedro de la Rosa with the F111, stripped of almost all sponsorship and painted white with only new gold logos, to complete the required mileage before the season began.