Born in Fobello (near Biella), he was the older son of Vincenzo Lancia and Adele Miglietti, and brother of Anna Maria and Eleonora.

Lancia's racing enthusiasm brought him to hire famed engineer and designer Vittorio Jano in 1945.

In 1954 Lancia decided to try his luck in the newly-born Formula One world championship and scored a coup when he managed to lure away Alberto Ascari from Scuderia Ferrari.

Despite Ascari winning the 1954 Mille Miglia, poor racing results, coupled with Lancia's ambitious plan to put in production several expensive racing prototypes led the company to near-bankruptcy.

[3] Gianni Lancia then moved to Brazil, where he ran a canned goods business before returning to Italy in the 1980s.