Four men were involved in a serious early morning crash in South Preston on Tuesday.

About 1.30am, police were called to a single vehicle crash on Castra Road.

Police said the incident was caused when a Mitsubishi Triton ute driven by a 19-year-old man from Turners Beach lost control while going around a corner, colliding with an embankment.

At the time, there were two 19-year-old men from Ulverstone on the ute's tray who received suspected back related injuries.

The two were transferred to the North West Regional Hospital, with one later transported to Austin Hospital in Melbourne.

Police said initial investigations suggested excessive speeding for the conditions may have been a factor.

At the time of the incident, there road was dry and there were no street lights.

Both the driver and a 21-year-old Ulverstone front seat passenger received no significant injuries.

Ulverstone Police Sergeant Kym Turale said there wasn't any indication as to whether alcohol was a factor.

Sergeant Turale said the driver would be subject to some traffic "matters" and once investigations were complete charges may be laid.

Police are calling on anyone who may have seen a white Mitsubishi Triton in the Castra Road area just after midnight to contact police on 131 444, or visit their nearest police station.