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While leading the 1976 championship—amid a fierce title battle with James Hunt—Lauda was seriously injured during the German Grand Prix at the Nürburgring, suffering severe burns and other life-changing injuries when his Ferrari 312T2 caught fire during a crash. He returned to racing six weeks later at the Italian Grand Prix, eventually losing the title to Hunt by one point. Lauda remained at Ferrari in 1977, winning several races on the way to his second championship and clinching the title at the United States Grand Prix. He eventually left Ferrari, where he was replaced by Gilles Villeneuve, and signed with Brabham in 1978, achieving podiums in every race he finished that season, with victories in Sweden and Italy. Amid a winless 1979 season for Brabham, which had moved to Ford Cosworth V8 engines, Lauda left the team after the Italian Grand Prix, and took a two-year hiatus from racing.
He returned with McLaren in 1982, winning multiple races. After a winless 1983 campaign, Lauda was partnered by Alain Prost the following season, where he beat Prost to his third title by a record half-point. With seven years between his second and third championships, Lauda holds the record for the longest period in the history of the sport between World Championship victories, breaking Jack Brabham's record of six. Lauda retired after the 1985 season—taking his final victory at the Dutch Grand Prix—having achieved 25 race wins, 24 pole positions, 24 fastest laps, and 54 podiums in Formula One.
Outside of Formula One, Lauda won the Nürburgring 24 Hours in 1973 with Alpina, and the inaugural BMW M1 Procar Championship in 1979 with Project Four. In aviation, Lauda founded and managed three airlines: Lauda Air from 1985 to 1999, Niki from 2003 to 2011, and Lauda from 2016 onwards. He returned to Formula One in an advisory role at Ferrari in 1993, and was the team principal of Jaguar from 2001 to 2002. From 2012 until his death, Lauda was the non-executive chairman and co-owner of Mercedes, winning six consecutive World Constructors' Championships with the team from 2014 to 2019. Lauda was inducted into the International Motorsports Hall of Fame in 1993.