It happened around 11:40 p.m. in the 400 block of South Market Street.
A member of the Wilmington Fire Department told investigators a 2004 Ford Taurus drove past him at a high rate of speed, and lost control.
RELATED SLIDESHOW: Pictures of the crash scene
The car then struck and severed a utilty pole.
It took rescuers nearly an hour to get the 16-year-old out of the wreckage. He was taken to Christiana Hospital for multiple injuries, and was last listed in stable condition.
The car was reported stolen earlier in the day by New Castle County Police.
Charges have not yet been filed, but police say the accident and theft remain under investigation.
Power and phone service were knocked out after the crash, but police say both Connectiv and Verizon work crews responded to replace the pole and restore service.
