BFM television reports that the three people hurt are Chinese students and none of their injuries are considered life-threatening.
A man fell "deliberately" with his auto driving on students in the city of Blanquac, on the outskirts of Toulouse, southwestern France.
French police clarified however, that the 28-year-old driver is not on a security watch-list and after an investigation the public prosecutor said there are no indications that the vehicle attack was an act of terrorism.
The driver, a man, was arrested.
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Media reports suggested that all three students are of Chinese origin.
At least two are in critical condition.
They were taken by ambulance to Purpan Hospital.
The man acted "deliberately" but was not on the list of known terrorists, AFP reported.
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The driver attempted to drive off but was stopped by police and arrested straight away.
"At 15:54, a man driving a [Reanault] Clio vehicle presumably deliberately hit three people at a pedestrian crossing", Toulouse prosecutor Pierre-Yves Couilleau told BFMTV.
Several post-18 colleges are located on the campus, including the International Institute of Trade and Development.
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