About 6pm on last night, the owner of the high-performance Aldi R8 met with the assailant — who he believed to be a prospective buyer — at an arranged location, outside a service station on Sydney Rd, Balgowlah.
The 30-year-old victim had advertised his white sedan online, pricing it at $230,000.
The pair took the car for a drive around the quieter streets of Seaforth, at which point the man produced a firearm and threatened the owner — striking him in the face with the gun before forcibly removing him from his own vehicle and driving away.
The owner alerted police and a description of the vehicle was broadcast.
He was then taken Manly Police Station where he was treated by paramedics.
A short time later the stolen vehicle was spotted on Military Rd, Mosman, where a police pursuit commenced.
The car led police south through the Sydney Harbour Tunnel before winding around Woolloomooloo and heading north back up the tunnel.
Police followed the speeding Audi through the Lane Cove Tunnel onto the M2 where it headed for Beecroft on Pennant Hills Rd.
Police were forced to terminate the pursuits several times due to the drivers reckless and hi-risk behaviour, which resulted in some minor collisions with several other vehicles and the ramming of a police car.
The car was last seen at Moorebank at around 9pm.
Police have stressed that the man is armed and that he should not be approached under any circumstances, and are urging anyone who sees him or the vehicle, with NSW registration DCL 86X, to call 000 immediately.