The 72-year-old was seated in a Land Rover parked on a driveway on Leipoldt Street when he was approached by an armed man.
In a video circulating on social media, the hijacker is seen pulling out a firearm and pointing it at the motorist.
The driver exits the car and moves away, but moments later tries to disarm the hijacker.
Welkom police spokesperson Constable Kethabile Mofokeng confirmed the incident and said a case of the hijacking was opened.
“We confirm that a case of car hijacking was registered after a 72-year-old man was shot by [an] unknown person while exiting his residential home,” she said.
Although she added that the vehicle was recovered on Friday afternoon, no arrest was made and police are still looking for the suspect.