Just before 10.30pm, an orange KTM motorcycle and a white Tesla Model 3 collided on the A327 at the junction with Apollo Rise.
The motorcyclist, a 17-year-old male from Farnborough, suffered a serious leg injury and was taken to hospital for treatment.
The Tesla driver, a 45-year-old man from Fleet, failed to stop at the scene but was later identified through ANPR cameras.
He was arrested on suspicion of causing serious injury by dangerous driving, failing to stop, and driving while unfit through drink.
He has been released under investigation while enquiries continue.
Officers would like to speak to anyone who saw the collision or either vehicle beforehand, especially anyone with dash cam or CCTV footage.
Anyone with information should call 101 quoting reference 44250470008, or report online via the Hampshire and Isle of Wight Constabulary website.
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