It happened around 5 p.m. near Tulip Street and Allegheny Avenue in the city's Port Richmond section.
Police say two vehicles were traveling east to west on Allegheny Avenue when at least 30 shots were fired.
According to Philadelphia Police Captain John Walker, one gunman opened fire from the vehicle's sunroof while a second shooter returned fire from a passenger seat window.
A 55-year-old man who was waiting at a bus stop was subsequently shot in the chest and shoulder. He was rushed to an area hospital where he's expected to survive.
No other injuries were reported.
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Police are still searching for the suspects.
Anyone with information is asked to call police at 215-686-TIPS.