There has been no change to the boy's condition according to Warwickshire Police.
Officers are investigating reports that an Asda delivery van collided with him in Goodyers End Lane at around 8.40am. The van left the scene of the accident without stopping.
A man was arrested a short time later on suspicion of dangerous driving and failing to stop.
The boy had to be taken to hospital.
As of Wednesday (5th May), police said the suspect has been released under investigation.
PC Craig Pearson from the Warwickshire Police Roads Policing Unit said: “Our thoughts are with the family of the boy after he suffered such serious injuries in this collision and we will ensure they get the support they need.
“We have launched a thorough investigation to try and piece together the events leading up to the collision and are appealing for any witnesses, anyone with dash cam footage or anyone with any other information to call us. We’re especially keen to speak to anyone who saw the Asda van in the moments leading up to and following the collision.”
Anyone with information can call police on 101 quoting incident 62 of 4 May 2021.
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