James Hunt, a brash and self-confident individual, and Niki Lauda, a cool and calculating technical genius who relies on practice and precision, are exceptional racing car drivers who first develop a fierce rivalry in 1970 at a Formula Three race in London, when both their cars spin before Hunt wins the race. Lauda takes a large bank loan from Austria's Raiffeisen Bank to buy his way into the BRM Formula One team, meeting teammate Clay Regazzoni for the first time.

Meanwhile, Hesketh Racing, the fledgling racing team Hunt drives for, enters Formula One. Lauda then joins Scuderia Ferrari with Regazzoni and wins his first championship in 1975.