The incident took place in the city’s Herschelstrasse district.
Police have cordoned off the area and there are reports of traffic delays in the city centre.
The victims body is lying in the street and being guarded by armed police.
German newspaper Hannoversche Allgemeine reports two vehicles, with bullet holes in their windshields, can be seen at the crime scene.
One is a white Mercedes with licence plates from Bavaria whilst the other is a Porsche Cayenne, registered to Hanover.
Police are searching for several suspects in connection with the incident.
They are currently unable to provide any details about the victim’s identity.
Officers have blocked off an intersection in the centre of Hanover as they conduct their search.
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