The collision occurred at about 7:05 p.m. in the 1000 block of Holly Street. The Mustang was traveling westbound and turned left into a parking lot, striking a bicyclist who was riding eastbound. The vehicle then fled the area, police said.
Police said the bicyclist, a 46-year-old Redwood City man, was taken to an area hospital where he is being treated for a separated shoulder, a broken rib and a collapsed lung, among other injuries.
The bicyclist was wearing a helmet and had proper lighting equipment on his bicycle at the time of the crash, police said.
The suspect vehicle is described as a late 1990s to early 2000s white Ford Mustang with a black convertible top. The front end and front left corner area of the vehicle may have damage.
Anyone with information regarding the crash is asked to call the San Carlos Police Department at (650) 802-4277.