The AFP news agency cited a French police source who said the vehicle "deliberately" rammed a group of three students - two of whom were badly injured, and one who was not as seriously hurt.
The incident occurred in the Blagnac suburb of Toulouse in southwestern France. One of the three injured students is battling for his life.
On November 2, a group of around 40 Chinese tourists were attacked with teargas and robbed outside a three-star hotel near Paris's Orly Airport.
The prosecutor said the driver was known to police for about 10 minor crimes and not listed on a French register of people suspected of being radicalized by extremists. He has been arrested. He was known to the police but not to terrorist affairs.
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The incident happened about 4 pm local time, outside a business high school, le Lycée Saint-Exupéry, French media report.
The Mayor of Toulouse, Jean-Luc Moudenc took to Twitter and said: "Very shocked by the aggression against the students in Blagnac".
All three victims, who are thought to be Chinese and aged 22 and 23, have been taken to a hospital in Toulouse for treatment.
This is a breaking news story.