The attackers fled in another car which has still not been found.
The attack happened on William Donnelly Terrace, a quiet cul-de-sac in Lynfield.
Residents on William Donnelly Terrace described angry scenes.
One neighbour, who asked not to be named, said they heard people screaming and yelling at about 11pm. "They were screaming 'Southside' as they were punching this guy - well, we thought they were punching him."
It is thought a man, who was not wearing a shirt, was one of the two men who had their vehicle stolen.
Another resident said she had been reading at the time, when she heard a commotion outside. "It was just rage," she said.
There were three vehicles at the scene last night. Police cordoned off William Donnelly Terrace late last night. The cul-de-sac was clear this morning.
Neighbours said theirs was a quiet street and those involved in the incident were not residents.
The injured men were taken to Auckland City Hospital for treatment.
An ambulance spokeswoman said one person was taken to hospital in a serious condition and the second was in a moderate condition.
Police said the injured victims were being supported by family and victim support.