The incident began around 2:50 a.m. Wednesday on the 1900 block of Pattison Avenue, near FDR Park.
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On Thursday, the Philadelphia District Attorney's Office announced that 22-year-old Marcus Eberhardt was being charged with Aggravated Assault, Possession of an Instrument of Crime, Simple Assault and other related offenses in connection with the incident.
Police found 18 spent shell casings near the park.
After the gunfire, a PennDOT tow truck driver told police he saw the vehicles involved speeding eastbound in the westbound lanes of I-76 near the Passyunk ramp.
Police provide update on shooting, crash in South Philadelphia
A Ford Explorer and an Infiniti sedan were reportedly involved in the chase.
The tow truck driver told police both cars spun around and ended up facing the correct direction on I-76.
A 27-year-old man in the back of the Explorer suffered a gunshot wound to the neck, police said.
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At least eight bullet holes were seen in the Explorer and the rear windshield was blown out.
The man was rushed to Penn Presbyterian Medical Center in critical condition.
According to the DA's office, the victim is paralyzed from the neck down due to injuries sustained in the shooting.
Authorities say Eberhardt was driving the Infiniti and stayed on the scene until police arrived.
This incident appears to be a drug-related transaction that turned violent, the DA's office said.
Eberhardt, who has no criminal history, is licensed to carry and a firearm registered to him was recovered by police from the Infinity
People who frequent FDR Park said they are shocked that a shooting unfolded there in the early hours of the morning.
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"It's a pretty safe park, I mean there's a few spots you wouldn't want to hit by yourself or later in the evening, but it's pretty safe," said South Philadelphia resident Vincent Heuilar. "There's a good presence of people here."
The 6abc Data Team determined that crime in and around FDR Park is up 11% so far this year, compared to this time last year.
A nurse who works overnight says she typically drives home around the same time the high-speed chase was underway.
"I would be driving on 76 going in the direction they were going, so that was kind of scary," said Cassie Totaro from South Philadelphia.
The investigation is ongoing and anyone with information about the shooting or the crash is asked to call the police.
RELATED: Check the 6abc Neighborhood Safety Tracker