Team spokesperson Mike Arning said that the three-time NASCAR champion was able to move his legs and arms and that no further updates on his condition would be given until Thursday.
"We have received word from Stewart-Haas Racing of Tony Stewart's accident and injury," NASCAR chairman and CEO Brian France said in a statement.
"On behalf of everyone at NASCAR, I wish Tony a full recovery and look forward to seeing him back in our sport when he's ready to return."
Stewart, the only driver to win a title in both IndyCar and NASCAR, had announced last year that he would retire from competition after the 2016 season, with Clint Boyer replacing him behind the wheel of the Stewart-Haas Racing Chevrolet.
NASCAR teams are scheduled to arrive next week at Daytona International Speedway for season-opening Speedweeks and the Feb. 13 Sprint Unlimited exhibition.
The first Sprint Cup Series points-paying race of the season, the Daytona 500, will take place on Feb. 21.
(Reporting by Mark Lamport-Stokes in Los Angeles; Editing by Andrew Both)
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