The film tells the story of driving school coach Zhang Chi and potential rookie driver Li Xiaohai who set out to compete in the last Bayanbulak rally.

[4] After surviving the crash at the end of the previous film, Zhang Chi (Shen Teng) is once again down on his luck: the near-total destruction of his car meant that his winning score was not counted, since the judges could not be certain that it was up to code, and he spent most of his money on physical therapy.

Unexpectedly, the director of the struggling Laotoule Automobile Factory (Jia Bing) offers to sponsor Zhang Chi to form a team to compete in the last Bayanbulak rally.

Seeing an opportunity to make money, Zhang accepts the offer, forming a team comprising his old friends Sun Yuqiang (Yin Zheng) and Ji Xing (Zhang Benyu), a talented young driver named Li Xiaohai (Fan Chengcheng), and hapless driving school student Liu Xiande (Sun Yizhou).

[6] As of February 28, 2024, "Pegasus 2" has received a rating of more than 7.5 on Douban, with a box office of nearly $3.4 billion yuan.