James Hunt (Chris Hemsworth) and Niki Lauda (Daniel Brühl) are two exceptionally talented race car drivers whose fierce rivalry first ignites in 1970 at a thrilling Formula Three race held at the Crystal Palace circuit in England. During this race, both drivers encounter a mishap that leads to their cars spinning out, but ultimately, Hunt emerges victorious. Hunt is characterized as a brash and confident Englishman, famously known for his pre-race tradition of vomiting, while Lauda presents a stark contrast as a calm and calculating technical mastermind, achieving excellence through precision.
After enduring tension with his wealthy industrialist father, who pressures him to take on the family business, Lauda secures a significant bank loan to join the BRM Formula One team. In this role, he meets teammate Clay Regazzoni for the first time. Lauda, while acting as a technical consultant, implements modifications that enhance the car’s speed by an impressive two seconds, much to the astonishment of the team owner. His determination leads him to demand a place on the race team, compelling the owner to allow him to race alongside Regazzoni.
On a parallel path, Hunt participates in Formula One with his newly established team, Hesketh Racing. In due time, Lauda makes the move to join Scuderia Ferrari and secures his first championship in 1975. Following a financial struggle that causes Hesketh to shut down, Hunt manages to step into a driving position with McLaren after Emerson Fittipaldi's departure from the team. During this thrilling period, Hunt also marries the glamorous supermodel Suzy Miller (Olivia Wilde), while Lauda finds romance with socialite Marlene Knaus.
As the 1976 Formula One season unfolds, Lauda dominates the initial races, while Hunt faces challenges in catching up. Hunt claims victory at the Spanish Grand Prix, only to be disqualified after the post-race inspection reveals his car's width is non-compliant. With McLaren struggling to meet regulatory standards, Hunt's circumstances deteriorate further when Suzy's affair with Richard Burton becomes public. After finalizing his divorce, Hunt regains his competitive spirit, and due to a reversal of his disqualification in Spain, he re-enters the championship race.
Lauda, meanwhile, marries Marlene in a private ceremony but begins to grapple with concerns about the impact of his marriage on his racing career. At the German Grand Prix, he fervently requests the F1 committee to cancel the race due to treacherous rain conditions at the perilous Nürburgring, but his request is rejected following Hunt's persuasive argument that suggests Lauda is merely concerned about the championship points.
As both drivers brave the rain-soaked race, they begin on rain tires—a decision that proves costly as the track dries quickly. A catastrophic failure occurs halfway through the third lap when a suspension arm in Lauda’s Ferrari breaks, launching his car into an embankment before it is engulfed in flames. Lauda is rescued from the wreckage but sustains severe injuries, including third-degree burns and internal damage. Over the next six weeks, he is treated while Hunt capitalizes on his absence, dominating the races.
In a dramatic turn, Lauda defies medical advice and returns to racing at the Italian Grand Prix, finishing fourth despite the hurdles he faces. The season culminates at the Japanese Grand Prix under tumultuous weather, with Hunt's steadfast comeback pulling him within three points of Lauda. Lauda unexpectedly retires from the race to prioritize time with Marlene, compelling Hunt to finish third to clinch the championship title. After a hard-fought battle, Hunt’s efforts pay off, allowing him to surpass Lauda by a mere point and secure the championship victory.
Following the season, Hunt revels in his newfound fame, engaging in a hedonistic lifestyle while Lauda develops an interest in aviation. During a conversation at a private airfield in Bologna, Lauda suggests to Hunt that he should prepare for the upcoming racing season, but soon realizes that Hunt has nothing more to prove. Hunt continues to race until his retirement in 1979 and later transitions to a career as a motorsport commentator until his untimely passing in 1993 at the age of 45.
