A police spokesman said officers were called to the collision in Lee Stream-Outram Rd (State Highway 87) about noon on Saturday.
One lane was temporarily blocked and two tow trucks were called, the spokesman said.
A St John spokeswoman said an ambulance attended and took one person to Dunedin Hospital with serious injuries.
A photo of the crash indicates the cars collided head-on.
One was a silver Toyota Corolla hatchback, while the other was a white Porsche Cayman 718 GT4 RS.
Media reports indicate that New Zealand deliveries of the Cayman were expected to start in the third quarter of this year.
According to Porsche’s website, prices for the 368kW sports car start at $291,000.
The Otago Daily Times understands the driver of the Porsche was uninjured, but the car — one of only two of its kind in the South Island — will likely be written off.
The Toyota Corolla is understood to be a rental vehicle, which was being driven by a British man.
