Five of these cars were manufactured in the Ferrari Formula 1 workshop for the 1978 Formula 1 World Championship season. They were designed under the direction of Reparto Corse (Racing Department) chief engineer Mauro Forghieri and represented an evolutionary development of the highly successful, World Championship-winning 1975 312 T and 1976-77 312 T2-series cars. Power was provided by Ferrari's latest iteration of its magnificent 3-liter flat-12 cylinder F1 engine.

The five 312 T3s built were chassis-numbered in perfect sequence from 032 to 036. These were great Grand Prix cars but unlucky, too. Their greatest misfortune was simply coming up against Mario Andretti, Ronnie Peterson, and Colin Chapman's latest, greatest Lotus innovation—the revolutionary ground-effects Lotus 79 "wing car."

Journalist Peter Windsor observed sagely in his end-of-season Formula 1 review: "Take away the Lotus 79, and the Ferrari was superior to every other car, and Michelin..." —Ferrari's tire supplier that year against Lotus's Goodyear— "...had the best North American season to prove it." In fact, the works Ferrari 312 T3s won five Grand Prix races that year, and their drivers finished 24 times out of 32 starts.

Carlos Reutemann himself won four of the team's races that season: the Brazilian GP (in a 312 T2), the United States (West) GP at Long Beach, California, the British Grand Prix at Brands Hatch (won in 033, offered here), and the United States (East) GP at Watkins Glen. Gilles Villeneuve won his home Canadian GP to a tumultuous reception in Montreal. Windsor wrote of Carlos Reutemann that year: "He established himself in the top three (drivers). He was consistently fast, he withstood the political pressure, contrary to expectations, and he scored the hardest-earned win of the year—at Brands Hatch, when he beat Lauda (driving for Brabham)."

In fact, this car, 033, made its racing debut in the 1978 South African Grand Prix at Kyalami, Johannesburg, on March 4 of that year. Reutemann drove it, but a troubled practice period saw the brand-new car qualify only ninth on the starting grid. During the race, Reutemann ran eighth for the first 27 laps before being displaced by Alan Jones's Williams. However, on lap 55, teammate Gilles Villeneuve's Ferrari 312 T3 popped an oil union, coating the braking area into Crowthorne Corner at the end of the long hump-backed straight. Into the braking area sailed 033. Carlos Reutemann later reported: "I hit the brakes, and it was like the car had broken; nothing happened." The car speared head-on through two rows of catch-fencing and stopped before hitting anything hard. Just as its driver was climbing out, a fuel leak ignited, but the fire marshals quickly smothered it.

Ferrari ran a two-in, two-out race program with their four and eventually five 312 T3 chassis. Carlos Reutemann reappeared in the repaired 033 at Zolder for the Belgian GP on May 21. The car was prepared with a narrow front track, and he preferred it to the wider-track alternative for the race, starting from the front row of the grid, headed only by Andretti's Lotus 79. On race day, however, he missed his first gearshift from first to second, causing 033's hesitation to trigger a multiple collision in its wake.

Reutemann climbed back up the lap chart to slot into second place behind Mario's black John Player Special Lotus. As the race entered its closing laps, the Ferrari's radial-ply Michelin tires began to wear. Jacques Laffite's Ligier closed in during the final lap, challenging Reutemann side-by-side down the straight leading to the chicane. Laffite was fractionally ahead on the left side of the track as the cars rushed into the braking area, but Reutemann took his normal line for the chicane. The Ferrari struck the Ligier, which bounded over 033's front wheel.

Both cars careered off the road into the sand. Reutemann smartly selected bottom gear and sped off for the finish line, but the stricken Ligier was out, its rear suspension deranged. Meanwhile, Ronnie Peterson's Lotus had stolen by to make it a Lotus one-two result, with Reutemann in 033 claiming third and a share in the podium Champagne. Carlos qualified third fastest for the Spanish GP at Jarama on June 4 and ran third for 28 laps before having to pit for fresh Michelin tires, rejoining ninth. He had recovered two places when, on lap 57, 033 broke a half-shaft at the left-handed Le Mans turn. The car ran straight on, punched its way through two catch fences, and somersaulted over the guardrail. Apart from seat-belt bruises, Reutemann emerged unhurt, and the Ferrari suffered only cosmetic damage after coming to rest bouncing gently at spectator head level, "hammocked" in a catch-fence beaten back at 45 degrees.

The car was again combat-ready for the British GP at Brands Hatch on July 16. Carlos Reutemann qualified only eighth fastest in an unhappy practice period, complaining that his Michelin tires gave "no grip." Late on Saturday evening, new tires arrived from France, the S76 compound, and higher-profile by 4 cm at the front and 3 cm at the rear. Ferrari's prospects did not look good as the race developed, with Villeneuve bringing in his sister T3 after only ten laps to change its left-front tire. He had chosen to keep the original Michelin fronts, while Reutemann was running the new taller alternative.

Mario Andretti led imperiously in his Lotus 79 until its Cosworth development engine burst. After 40 laps, Niki Lauda's Brabham-Alfa Romeo BT46 led by around four seconds from Reutemann in 033. But into the closing stages, Reutemann began to close the gap. The interval between Brabham-Alfa and Ferrari 312 T3 diminished: 3.1 seconds, 2.8, 2.6... Lauda held it there for several laps, but with 20 remaining, "Lole" Reutemann was suddenly only a second behind Niki Lauda, and the stage seemed set for a classic duel to the checkered flag.

On lap 59, the two red cars blared across the timing line nose-to-tail. Ripping into Clearways Corner for the 60th time, Bruno Giacomelli's McLaren had Lauda right behind. The Italian held his line, then waved Lauda through. The World Champion flicked his car left, but Giacomelli was now moving left himself. Niki Lauda had to lift off, and in an instant, Carlos Reutemann, in 033, offered here, was through on the inside, past, and gone.

With six laps to go, Reutemann led by four seconds. Lauda launched one final attack, closing the gap to 2.2 seconds. With four laps to run, he set the fastest race lap. But on that day, Reutemann was not to be denied, nor flustered into a late mistake. Ferrari 033 flashed across the finish line to win, with Lauda's Brabham still more than a second adrift in second place.

In the German GP at Hockenheim on July 30, Reutemann again ran 033 but could only qualify 12th and pulled out after 14 laps due to fuel vaporization. The car was then kept as a team spare for the remainder of that season, but early in 1979, it was brought out for one last hurrah, back at Brands Hatch in England for the early-season non-Championship Race of Champions on a very warm and sunny April 15.

The car was to be driven there by Gilles Villeneuve, and he qualified third fastest behind Mario Andretti—almost inevitably on pole in his Lotus 79—and Niki Lauda (again) in the latest Brabham-Alfa Romeo BT48. It was the Austrian who led for the opening eight laps when he had to call for fresh tires. While he was delayed, Villeneuve briefly led in 033, which again proved well-suited to England's acrobatic circuit in the county of Kent. Mario then shouldered his way by to lead for 16 laps before slowing with numerous problems. Thereafter, Ferrari's favorite French-Canadian simply dominated the race, drawing away from all pursuit to win handsomely from newcomer Nelson Piquet's Brabham-Alfa Romeo.

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