This is definitely The Supernaturalist by Eoin Colfer.
"In the not-too-distant future, in a place called Satellite City,
thirteen-year-old Cosmo Hill is unfortunate enough to come into the
world unwanted by his parents. And so, as are all orphaned boys his
age, Cosmo is dipped in a vaccine vat and sent to the Clarissa Frayne
Institute for Parentally Challenged Boys-freight class. At Clarissa
Frayne, the orphans, called "no-sponsors," are put to work by the
state, testing dangerous products that never should be allowed near
human beings. By the time the no-sponsors are sent to their cardboard
utility pipes, given their nightly meal pack, and finally fall asleep,
they are often covered in burns, bruises, or sores from the work of
the day. Cosmo Hill knows that he must escape, even though he has no
idea what might be waiting for him on the outside. He plans for the
moment when he can make a break. When that moment finally comes, he
nearly dies while escaping. But he is rescued by a gang of
"Supernaturalists," a motley crew of kids who all have a special
psychic ability-one that Cosmo is about to learn he has as well. They
"see" supernatural Parasites-tiny, translucent creatures who feed on
the life force of humans. - B&N Review
(Copied from this answer)
All of the other elements you mention are present in the book. You may recall that one of the drag drivers incorporated LED lights on his chest.
The scene with the rocket down the barrel of a tank that you recall is when (and this is from memory, I don't have my copy of the book with me at the moment) was when one of the characters takes a non-lethal weapon from a paralegal (in the scene described here, when the Myishi paralegals come to recover the prototype car), and fires the Saran-wrap type net down the barrel of a tank's water cannon, preventing it from shooting a mass of people at an illegal drag race. He is captured anyway at the end of that scene.
(This was also mentioned by DaaaahWhoosh in the comments)