The police logo is seen on a door at a police station. [YONHAP]

Police are looking into the possibility that the driver of a car that crashed and killed three university students on board on Wednesday lost control of the vehicle while speeding on a rain-soaked road.

An analysis of the vehicle's Event Data Recorder (EDR) showed the car was traveling at 161 kilometers per hour (100 miles per hour) 3.5 seconds before the crash — more than 2.6 times the road's posted speed limit — according to the Changwon Jungbu Police Precinct Sunday.

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The crash occurred in Changwon, South Gyeongsang, at around 5 a.m. The students' vehicle was traveling toward the South Gyeongsang provincial government complex on Jungang-daero in Sinwol-dong and struck a bus parked along the roadside.