The T212 was part of a long series of 2-liter cars made by Lola for the European Sportscar Championship. The preceding Lola T210 was highly successful in the hands of Jo Bonnier, so the design was refined for the 1971 season.
Lola built the T212 as a Group 6 car which made it eligible for hill climbs, sports car racing and endurance racing.
The the T212 typically used a Ford Cosworth FVC engine and was a common chassis in the 2-liter class.
Unlike the spaceframe designs of the competitors, Lola used an aluminum sheet monocoque with a rear subframe for the engine.
The T212 was a common sight in the European 2-Litre Championship and races such as the Monza 1000 Kilometres, Monza 1000 Kilometres, Targa Florio, Nürburgring 1000 Kilometres, Watkins Glen 6 Hours, BRSCC Brands Hatch, Nürburgring 500 Kilometres as well as many Interserie races.
Many race teams in independent racers used the T212. It was primarily championed by Jo Bonnier through Scuderia Filipinetti but other teams Scuderia Brescia Corse, Minilite Ltd., Karl von Wendt Racing and Philips Autoradio raced the T212.