The alleged victim, a 49-year-old man remains in the North West Regional Hospital in a stable condition.

The accused man is also 49-years-old and has been charged with causing grievous bodily harm by dangerous driving and common assault, a Tasmania Police spokesperson said on Monday.

The spokesperson said the man had been released on bail and will appear in the Devonport Magistrates Court on April 26.

Police previously said the alleged incident occurred outside All Things Nice Bakery on the intersection of Tarleton Street and Torquay Road at East Devonport about 6.30pm Sunday.

"A 49-year-old man was struck by a vehicle on the footpath outside the bakery," police said.

"The vehicle, a white Toyota Hilux utility, was being driven by another 49-year-old man at the time."

The driver was taken into custody at the scene and police said initial investigations indicated the two men were known to each other and that the incident was "targeted".

Anyone with further information is asked to contact Tasmania Police on 131 444 or Crime Stoppers on 1800 333 000.