The low point for Ferrari came at the end of the 1972 with their cars being clearly out paced by the British Ford-Cosworth powered teams. This and labor problems forced the proud team to purchase monocoques from England. The Tipo 312B3 proved unreliable with over-heating and engine problems and had one win to show for that year and none the next. To reverse this downward trend Ferrari decided to overhaul his organization re-instating Mauro Forghieri as chief engineer and appointing Luca de Montezemolo as team manager but his best decision was the one he didn't make and Niki Lauda continued with the team.

Ferrari's flat-12 engine was undergoing an extensive redesign with the objective of improving its power band. Horsepower was now up to 480 bhp at 12200 rpm and to fully focus the team on Formula 1 Ferrari withdrew from sports car racing. With Niki Lauda and Clay Regazzoni as their drivers Ferrari won three races in 1974. For next years car Ferrari added a de Dion-type rear axle and a new transverse five-speed gearbox between the engine and final drive was fitted hence the Tipo 312T for transversal designation. With the willing contribution of their Austrian driver, Lauda, the team put in countless miles of testing. Their reward came in the form of 6 victories, five by Lauda on his way to the 1975 World Championship. In 1976 Lauda lost a hard fought battle for the championship to James Hunt after returning late in the season from a near-tragic crash at the Nurburgring. His contributions as well as that of his teammate secured a second straight Constructors' Championship.