Teenager, 17, with 'underworld links' is shot in a suburban street in Sydney after a mysterious meeting - as footage emerges of masked man torching the Audi getaway car

A gunman remains on the run after a teenage boy with possible underworld links was shot in broad daylight in what police believe was a targeted attack.

Emergency services were called to Clyde Street in South Granville in western Sydney shortly after 1.30pm on Sunday following reports shots had been fired.

A white Audi seen speeding off from the scene was later found burnt out in nearby Chester Hill.

CCTV has emerged of the moment the suspected getaway car being set alight outside a home as a masked man dressed in black armed with a jerry can douses the vehicle in fuel almost an hour after the shooting.

He flees the scene as the car erupts into flames as a shocked resident watches on.

The burnt-out luxury car was later towed away for forensic examination.

A suspected getaway vehicle used was set alight and torched in nearby Chester Hill

The teen was rushed to Auburn Hospital suffering two gunshot wounds to his chest.

He was transferred to Westmead in a stable condition.

Police don't believe the shooting was bikie-related but confirmed the injured teen lives in the street with his family and is known to them.

'The victim does reside in the street, the shooting we believe was a targeted shooting... this certainly has the hallmarks of organised crime,' Chief Inspector Adam Phillips said.

'We know (the 17 year-old) was meeting with another person, we ask him to come forward. We're also interested in a white Audi.'

Investigations continue as police examine two separate crime scenes. 

The shooting has rocked the usually quiet suburban street which was scattered with 'a large amount of bullets', some of which ended up in residents' homes. 

Police remained at the scene on Sunday night interviewing residents. 

Clyde Street in South Granville rocked by a shooting of a teenage boy who lived in the street with his family. Pictured are police examining the scene on Sunday

A Mercedes belonging to the victim and a Mazda hit by a stray bullet were towed away for examination.

'We've found a series of projectiles lying on the road, about 10 to 15,' Chief Inspector Phillips said.

He added it was lucky no one else was injured.

'A 17 year-old, regardless of what he's involved in, what crime, shouldn't be the target of a shooting,' Chief Inspector Phillips said.

'It has a huge impact on the community, these are all good people, they don't need to be putting up with this kind of rubbish on a Sunday.' 

Anyone with information with information is urged to contact Crime Stoppers on 1800 333 000.  

'This is something that concerns us and we are trying at this stage to ask people, witnesses who may have seen something, to contact us because that will be our best way to stop all this,' Chief Inspector Phillips said.

'If anyone saw the shooting take place or the Audi leaving (the area) we'd certainly be ­interested.'

 Police believe the shooting was a targeted attack. Pictured is Clyde Street in South Granville

The latest incident comes after a series of shootings across Sydney's west. 

Bikie-turned-rapper John 'Big Kash' Lavulo, 33, was shot in the arm driving out of his apartment block at Warwick Farm on August 8. 

Police arrested fellow rapper Thomas 'Masi Rooc' Vandermade, 29, after a month-long manhunt in September. 

Another 22-year-old man was arrested in relation to the shooting on Tuesday.   

Samer Marcus, 45, a senior member of notorious Assyrian gang DLASTHR, was shot in the head from close range in his home at Denham Court on Friday, November 6. 

The recent attack is the second time the DLASTHR (The Last Hour) member has been shot this year.

In June the gangster was shot in the face after a confrontation with another man.  

The shooting is the latest in a spate of  gun attack across Sydney. John 'Big Kash' Lavulo was shot in the arm driving out of his apartment block at Warwick Farm on August 8

Marcus' shooting came at a time of heightened concern over gang behaviour in the western suburbs of Sydney.

The shooting death of Mejid Hamzy, 44, has sparked fears of a gangland war in Sydney's west, where Middle Eastern crime gangs have long run rampant.

Hamzy was gunned down in the driveway of his home at Condell Park at 7.30am on Monday, October 17 by two balaclava-clad gunmen.

Police believe he may have been responsible for several assassinations including the 2016 death of Hamad 'The Executioner' Assaad, and that his murder is definitely part of a gang-related attack.  

Samer Marcus , senior member of the notorious Assyrian gang DLASTHR, is unlikely to ever walk again after being shot in an attempted assassination in early November