Shawn Milne, 16, underwent surgery today and remained in a serious condition in Southland Hospital after the modified Honda Civic he was travelling in crashed into the side of a commercial building on Leven Street at 12.35am.
The car's driver, Jesse William Langeveld, 19, and passengers Tyler James Parry, 16, and Ethan James Peek, 16, were killed in the crash.
An area of about a block from where the car crashed was cordoned off until this afternoon while police investigated.
Senior Sergeant Richard McPhail told NZPA speed appeared to have contributed to the crash.
"Certainly it appears that speed is a factor, but all the factors will be assessed by serious crash investigators on site and there is an inquiry team including criminal investigators looking at this.
"We are aware from our inquiries that it was travelling at speed north.''
The car was extensively damaged in the crash.
Invercargill mayor Tim Shadbolt told Radio New Zealand he thought an education campaign on boy racers from the local youth council was getting through - until last night's crash.
Locals had been getting sick of boy racers and had been "dobbing them in'', while the redesign of the city, with narrow streets and garden plots, had also helped.
"We really thought we had it under control,'' he said.
Police were urging anyone who saw the purple Honda Civic prior to the crash or a white Honda Civic, the first vehicle to stop after the crash, in the area around midnight to contact them.