Tasmanian police are searching for men who stole an ATM in a ram raid, but lost it in the getaway.

Police believe four young men are responsible for two failed ram raids in Launceston early yesterday morning.

They used a stolen ute to unsuccessfully ram through the front of a 24-hour service station at Invermay.

Five minutes later they drove the vehicle through the window of another service station in Newnham.

Detective Inspector Scott Flude says the offenders were able to disconnect the ATM, but lost it seconds later.

"As they exited rather quickly from the apron of the service station the ATM fell off the back of the ute," he said.

Police have found the burnt-out ute, but are still searching for the men.