A car rolled over on the racetrack several times around 5.30pm as smoke poured out of it.
The driver was taken to hospital in critical condition, while the passenger sustained serious injuries and was also transported to hospital for treatment.
Powercruise Promotions posted a statement on their social media platforms on Friday evening, stating that the four-day event will continue across the weekend.
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“Powercruise acknowledges that a single vehicle incident occurred at Queensland Raceway during one of today’s cruising sessions,” it said.
“We’d like to commend the track medical and fire response for being on scene immediately; as well as QAS for their assistance by road and helicopter.”
The Forensic Crash Unit is assisting Workplace Health and Safety with investigations.