The quarterback is currently receiving treatment for his injuries at the Carolinas Medical Center.
Witness Tony Douglas said he saw the Dodge pick-up collide with a Buick. He said the truck flip several times before coming to rest on the passenger side.
Reports say Newton is in high spirits and has two transverse process fractures in his lower back.
A statement by the Panthers likened the injury to one suffered by Dallas Cowboys quarterback Tony Romo, who missed one game as a result.
The player was the NFL's overall top draft pick in 2011, and has one year left on his contract with the Panthers.
Charlotte-Mecklenburg Police are investigating the cause of the crash.