Like all cars in the 312T series, the 312T2 carried a flat-12 Tipo 015 engine of approximately 510 bhp and the signature transverse gearbox — the "T" standing for trasversale in Italian — mounted ahead of the rear axle to lower the car's polar moment of inertia. The 312T2 was launched at the Fiorano test track and incorporated several changes from the 312T to comply with revised aerodynamic regulations. Principally, the tall airbox behind the cockpit was eliminated; in its place, NACA-shaped intakes were incorporated into the cockpit sides to feed each cylinder bank of the flat-12. The wheelbase grew to 2,560 mm, some 42 mm longer than the 312T.
At launch the car also featured a de Dion rear suspension arrangement, but this was abandoned after extensive testing in favour of a more conventional layout. The chassis used the same semi-monocoque design as the 312T, comprising tubular steel spaceframe reinforced with riveted aluminium panels.
The 312T2 made its non-championship debut at the Brands Hatch Race of Champions in March 1976 and its World Championship debut at the Spanish Grand Prix in May. Ferrari had used the original 312T for the opening three rounds of the season before switching to the T2.
Lauda drove the 312T2 to three victories and built a commanding championship lead. The season turned on its head at the German Grand Prix at the Nurburgring, where Lauda suffered a catastrophic accident — believed to be caused by rear suspension failure — and was nearly killed, suffering severe burns and inhaling toxic fumes. Remarkably, he returned to racing just six weeks later.
Lauda ultimately lost the Drivers' title by a single point to James Hunt. However, the 312T2's overall competitiveness secured Ferrari its second consecutive Constructors' Championship.
For 1977 the car was updated to B-specification. Initial races saw little visible change from the 1976 cars, though Fiat badging appeared on a Ferrari Formula One car for the first time. Lauda was dissatisfied with the car's early-season pace and led an intensive development programme in the weeks between the Brazilian and South African Grands Prix, resulting in revised rear wing profiles, updated bodywork, and suspension changes.
A recurring problem in 1977 was tyre compatibility: as Goodyear developed compounds to suit the high-downforce Lotus 78, the Ferrari with its comparatively modest downforce levels struggled to generate sufficient tyre temperatures. Despite this handicap, the car was reliable and Lauda won the Drivers' Championship through consistency, taking three victories — including the South African Grand Prix, won in difficult circumstances following a fatal accident that scattered debris across the track. Carlos Reutemann added a further win.
Lauda left Ferrari before the season concluded, having secured the title at Watkins Glen. He was replaced by Gilles Villeneuve, whose oversteering style was poorly matched to the T2B's neutral handling character. Villeneuve's final race in the car, at the Japanese Grand Prix at Mount Fuji, ended in a catastrophic accident in which his Ferrari became airborne and landed in a spectator area, killing two people who were standing in a restricted zone.
Ferrari won the Constructors' title for a third consecutive season.
The 312T2B was carried over for the opening two rounds of 1978 before being replaced by the new 312T3 from the third race of the season.
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