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Johannesburg - Three people were involved in the attack on Chrysler South Africa CEO Trent Barcroft and his wife Cathy, Gauteng police said on Wednesday.
Captain Kym Cloete said the couple was shot at on Saturday around 2.45pm.
"They were driving around on the R55 before Shakespeare Road in Barbeque Downs (near Midrand) when they were attacked," said Cloete.
Trent Barcroft was shot in the stomach and remains in the intensive care unit at the Sunninghill Hospital.
His wife was unharmed.
"The attackers took jewellery, two cellphones, and a handbag," said Cloete.
No arrests had been made and it was unclear whether police had any leads.
"All I can say for now is that investigations are continuing," said Cloete.
Earlier on Wednesday, Chrysler SA spokesman Richard Sloman, said Barcroft's wife was still shocked about the incident.
Sloman said their wounded CEO was expected to make progress.
"He is expected to make a full recovery," he said.
Trent and Cathy Barcroft are American citizens.
United States embassy spokesman Jack Hilmer said they were aware of the shooting. They were however not authorised to comment, because Trent is a private citizen.
Meanwhile, a management division of Chrysler SA would be in charge of the day-to-day running until Barcroft recovered. - Sapa