A police spokesman said officers were called to the crash in Lee Stream-Outram Rd (State Highway 87) about 12 noon.
One lane was blocked and St John had been requested along with two tow trucks, he said.
A spokesperson from St John said they transported one person to Dunedin Hospital with serious injuries.
A photo of the crash posted to social media shows the cars appeared to have collided head on.
One car appears to be a silver hatchback, while the other appears to be a white Porsche Cayman 718 GT-4 RS.
Media reports indicate that New Zealand deliveries of the Cayman were expected to commence in the third quarter of this year.
According to Porsche’s website, prices for the the 500-horsepower sports car, described as "perfectly irrational", start at $291,000.
