The 29-year-old unified welterweight champion was rushed to a Dallas-area hospital early Thursday morning and is expected to recover.
Police said they're still investigating the cause of the crash, but they noted that the Ferrari was speeding at the time.
"Spence is awake and responding and is listed in stable condition", his representatives said in a statement. "He's expected to originate a chubby recovery", the Spence family stated in a commentary.
The 29-year-old is rated among the sports top pound-for-pound boxers in the world and is being eyed up to face fellow welterweight king Terrence Crawford in May next year. J.D. Miles reports that Spence suffered broken teeth. He did not sustain any broken bones-but has some facial lacerations.
"We're all wishing the best for Errol", Smith said. Spence (26-0, 21 KOs) recently competed against Shawn Porter (30-3-1, 17 KOs) to headline a pay-per-view event in Los Angeles, and Spence came out on top by split decision in a thrilling battle.
Spence recently defeated Porter to win the WBC and International Boxing Federation welterweight titles on September 28.
"My dad always tells me 'this boxing thing is a part of your life but it's not going to last forever".
British fighter Kell Brook, who Spence beat to claim the IBF crown at Sheffield United's Bramall Lane stadium in 2017, tweeted: "Get well soon champ!"
Lowkick MMA wishes Spence a speedy recovery.