In order to develop a new express locomotive for speeds of up to 150 km/h, the design of the proven class 01 was used as a basis. These were already designed for 140 km/h and now the plans were to increase the usable speed range by means of streamlining. The fairing encompassed the entire locomotive, including the tender, and reached down to 400 mm above the railheads. Only on the driving wheels was there a cut-out, e.g. to make it easier to lubricate the connecting and coupling rods. The streamlining had no effect at low speeds, but at over 120 km/h the drawbar power could be significantly increased.

Since the running smoothness of the original two-cylinder 01 left a lot to be desired even at its top speed, the 01¹⁰ was designed with three cylinders. Since the original locomotive was designed for only two cylinders, it was not entirely possible to ensure optimal steam distribution between the three cylinders. Although the locomotives thus achieved a lower indicated power than the 01, the advantages were the smoother running and the streamlining. Instead of the initially required 550 tonnes of haulage capacity at 120 km/h on the level, in reality they reached up to 660 tonnes at this speed.

In 1939 it was assumed that more than 400 locomotives would be required and so a total of 204 were ordered from several factories in the first step. Due to the outbreak of war, only 55 01¹⁰ were built. In everyday use, it became apparent that the streamlined fairing only had a positive effect at the rarely achieved high speeds, and it was also an obstacle to maintenance. Over time, the fairing was completely or partially removed from many locomotives.

After the war, all surviving locomotives came to the Bundesbahn. They were mostly in very bad condition and were to be be retired, but due to the lack of locomotives they were rebuilt. All parts of the cladding were removed and boilers made of the problematic steel alloy St 47 K were replaced with new welded ones with a combustion chamber. The indicated power now reached 2,350 hp, and even 2,470 hp for oil-fired class members.

When the Bundesbahn switched to the computer numbering system in 1968, they renumbered the coal-fired ones as class 011 and the oil-fired ones as class 012. They remained indispensable until the electrification of the last main lines was completed and were retired by May 31, 1975.