It happened around 6:51 p.m. at 42nd Street and Girard Avenue in the city's Parkside section.
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Police say the 11-year-old boy was crossing Girard Avenue in the crosswalk with his mother when he was hit by a pickup truck. The boy was reportedly on his way to a variety store.
"He was hit with such force his body was launched 50 feet where he landed on Girard Avenue," said Philadelphia Chief Inspector Scott Small.
The driver of the truck fled the scene after the crash, police said.
Chopper 6 over hit-and-run crash in Parkside
Small said officers found the boy lying on the highway, suffering from severe trauma to his head, arms, legs and body.
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The boy was taken to Children's Hospital of Philadelphia. On Friday night, police said the boy remains in extremely critical condition with several broken bones and a head injury.
"His mother or whoever, she was crying, there was baggage. I guess she had a shopping bag and there was stuff all over, littered all over the ground," recalled Romaine McClary of Parkside.
Residents say the child lives in the area.
"I always see him, he got a basketball in his hand, he play basketball, play football -- all of that," said Jamal Brake of Parkside.
No arrests have been made in the case.
Police say they are searching for a blue Ford F-150 with Pennsylvania tags ZTX6169.
The driver is described as a white male in his 60s who was wearing glasses, according to police.
"If you strike somebody with your vehicle, whether it be a car or a person, remain on the scene, provide assistance, wait for police. It's an auto accident. Once you leave the scene and it becomes a hit-and-run or a leaving the scene accident, now you've committed a crime," said Small.
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Witnesses told police that the driver was swerving in and out of traffic prior to the crash.
"At the point of impact, the vehicle, according to witnesses, went around two lanes of traffic, actually heading westbound in the eastbound lanes, when it struck this little boy," said Small.
The wanted vehicle was last seen heading toward Martin Luther King Drive.
Neighbors are urging the driver to turn himself in.
"He don't have no conscience. What kind of conscience could he have to hit a kid and keep going?" said Romaine McClary of Parkside.
Anyone with information is asked to call police at 215-686-TIPS.