Five men were inside the car when it allegedly lost control and crashed into a tree at the intersection of Millennium Way and Justice Road in Cowes about 11.30pm.
One of the passengers, a 19-year-old man from Cowes, died at the scene.
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The driver, an 18-year-old St Kilda East man, and three other men were taken to hospital with non-life-threatening injuries.
The driver has been arrested and is assisting police with their investigation into the crash.
