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A police spokeswoman said they were called to the crash on State Highway 1, near Dacre, about 6.45am.
A Fire and Emergency New Zealand spokeswoman said one person was trapped and was extricated from the vehicle about 7.30am.
An ambulance transported the patient from the scene to Edendale Rugby Club in order to meet an Otago Regional Rescue Helicopter.
A reporter at the scene said a rescue helicopter landed at the club just before 9am and a patient was transferred from the ambulance into the helicopter.
Police confirmed this afternoon the cow did not survive the crash.
Police said the road reopened about 10.35am.