A 17-year-old Formula 4 driver, Billy Monger, from Charlwood, Surrey who was involved in a “horrific” crash at Donington Park has had both his legs amputated.
He ran into the back of another car which appeared to have stopped on the track during the race on Sunday.
The teenager had to be extracted from his vehicle at the Leicestershire track and airlifted to hospital.
A JustGiving page set up to raise money for the boy hit £300,000.
The team behind the car, JHR Developments, set up the page with the blessing of the teenager’s family, with the aim of raising £260,000.
A statement on the page said: “Thousands of people have already watched the haunting footage of the crash which left Billy fighting for his life. Sadly, Billy has had amputations to both legs.
“We now need your kindness and support to help give Billy and his family the best chance to fight these injuries that will affect Billy’s life so massively.”
The post, signed by Steven Hunter, JHR Developments and the Monger family, said the money would be put into a trust to help him “return to a full and active life”.
The Formula 4 British Championship is a motor racing series which features a mix of professional motor racing teams and privately funded drivers.
It is designed as a low-cost entrance to car racing, and is aimed at young racing drivers moving up from go-karting.
It replaced the British Formula Ford Championship in 2015 – a series in which successful Formula 1 drivers such as Ayrton Senna and Jenson Button won their first single-seater titles.