The crash was reported on Central Avenue near Pacific Street at about 9:40 p.m.
Police said arriving officers found two people injured inside a 1996 Corvette in the Central Avenue driveway of Blommer Chocolate factory, which is located at 1515 Pacific St.
A preliminary investigation indicated that the driver was speeding when he lost control of the Corvette and crashed into a concrete-filled metal bollard.
The Fire Department responded to extricate the driver, and both he and a male passenger were transported to a hospital.
Police said the passenger is expected to survive, but the driver was pronounced dead at the hospital.
The Union City Police Department traffic unit encourages anyone with information regarding this case to call the Police Department at (510) 471-1365.