A 30-year-old Waverley man, who was a passenger in the car, died about 7pm last night in the Launceston General Hospital after his life support was turned off.

Another passenger, a 29-year-old man from Ravenswood, remains in intensive care in the LGH in a serious but stable condition with internal injuries.

Police believe that a front-seat passenger and the driver of the silver Nissan wagon ran from the scene following the crash.

According to police, the vehicle was travelling towards Launceston on the East Tamar Highway about 1.20am when it left the road and crashed into gum trees just below the Australian Maritime College campus.

Two trees were knocked out of the ground.

Both Crash Investigation Services and CIB are working together to locate the two males, however Tasmania Police say they would appreciate any help from the public.

Anyone who may have information is asked to call Northern Crash Investigations on 6336 3936 or anonymously to Crime Stoppers on 1800 333 000.