Officials said the young bicyclist was hit in a crosswalk near the intersection of Weiland Road and Newton Drive at about 7:30 a.m.
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The child was transported to Lutheran General Hospital with non-life-threatening injuries, officials said.
Police said Wednesday afternoon the boy is doing well.
The driver of the vehicle, a 66-year-old Wheeling resident, stopped, and has been cooperating with the Buffalo Grove police investigation.
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No citations had been issued as of Wednesday afternoon.
Buffalo Grove police and the Major Crash Assistance Team are investigating.