Lacking the funding necessary to develop a Formula One successor to the GP design, Geoffrey Taylor of Alta decided to move into the junior Formula Two category. The engine produced was a 1970 cc inline 4-cylinder, naturally aspirated unit, developing around 130 bhp (97 kW; 132 PS). Unfortunately, Alta's own chassis design followed the preceding GP car very closely, and this resulted in an overweight car considering the greatly reduced power available from the unsupercharged motors. Tony Gaze and Gordon Watson took F2/1 and F2/2 on a tour of European races, but good results were hard to come by.

Indeed, the F2 chassis was so much like the GP design that the uncompleted GP/4 machine was converted and became F2/3, although this machine was no more successful than its siblings. F2/4 followed in construction and was sold, before Peter Whitehead placed an order for what was to become the last Alta car built: F2/5. This was the only F2 Alta to be entered for World Championship Grands Prix events, first driven by himself in the 1952 French Grand Prix, and then by his half-brother Graham Whitehead at the 1952 British Grand Prix. Neither run produced a points finish, but this was not to be the last time that the Alta name appeared in Formula One.