The overall shape of the 72 was innovative, resembling a wedge on wheels, inspired by the earlier Lotus 56 gas turbine car. The shape provided better air penetration and higher speeds. In a back-to-back test with the Lotus 49, the 72 was 12 mph faster with the same Cosworth engine.
The design took the stressed engine layout technique from the Lotus 49 and added advanced aerodynamics, producing a car considered years ahead of its rivals. Early problems with handling had to be overcome due to a lack of feel caused by the anti-dive suspension geometry — designed to prevent the nose dipping under braking — and the anti-squat set-up at the rear, intended to stop the car settling under acceleration. Once the suspension was modified, no further major problems arose aside from front inboard brake shafts failing.
The car was introduced at the Spanish Grand Prix in April 1970, the second race of the season, continuing the red, cream, and gold paint scheme of Gold Leaf cigarettes first introduced with the Lotus 49. Driven by Jochen Rindt and John Miles, the 72 was withdrawn after the Spanish Grand Prix for suspension modification due to poor performance.
Re-entered for the Dutch Grand Prix, Rindt won the Dutch, French, British, and German Grands Prix in quick succession. Rindt was killed in a qualifying crash at Monza while driving the 72 with its wings removed, when a front brake shaft failed sending the car at high speed into a barrier. His replacement, Emerson Fittipaldi, won the United States race, helping Rindt become Formula One's only posthumous world champion. The combined points of Rindt and Fittipaldi helped Lotus to its fourth constructors' championship.
During 1971, Tony Rudd, who had formerly worked at BRM, developed the car by redesigning the rear suspension and modifying the rear wing to produce more downforce. Fittipaldi struggled during the season but finished a respectable sixth. The 1972 season was considerably better: Fittipaldi became the youngest world champion in Formula One history at that time, winning five races in the 72, while Lotus again won the constructors' championship. The car now sported a striking black and gold paint scheme after Imperial Tobacco introduced the John Player Special brand.
New safety rules introduced for 1973 mandated deformable structure to be built into the sides of cars, causing the 72 to be further updated with integrated sidepods, larger bodywork, and new wing mounts. Fittipaldi was joined by Swede Ronnie Peterson, who won four races in his first season with Lotus, while Fittipaldi won three. A number of retirements allowed Jackie Stewart to take the drivers' championship, though the points tally built up by both Lotus drivers secured another constructors' championship.
Fittipaldi left for McLaren in 1974 to drive a car closely based on the 72, the McLaren M23. Peterson became team leader, partnered by Jacky Ickx. The 72 was intended to be replaced by the Lotus 76, designed to be a lighter and leaner successor, but the project proved too ambitious and failed. Lotus turned back to the 72, updating it with increased front and rear track to remain competitive. Peterson won three races and challenged for the championship in a closely contested season, while Ickx scored several podiums. The aging 72 finished fourth in the constructors' championship.
Without a replacement chassis available, the 72 was pressed into service again for 1975. Further modifications including a wider track and redesigned suspension could not overcome the pace of the new Ferrari 312T, which took the title. Lotus finished sixth in the constructors' championship. After 20 wins, two drivers' championships, and three constructors' championships, the 72 was retired ahead of the 1976 season and replaced by the Lotus 77.
The Lotus 72's design directly influenced the McLaren M23, which was closely based on the 72. The car later won the 1996 Historic Formula One Championship. Its cultural impact includes the song "Lotus 72D" released in 1973 by Brazilian singer-songwriter Zé Roberto, inspired by Emerson Fittipaldi's victory at the 1973 Brazilian Grand Prix. Commemorative "Type 72" and "72D" editions of the second-generation Lotus Elise also honour the car.
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