Holden is hitting the brakes in New Zealand and Australia, with owner General Motors (GM) announcing the brand will be retired from sales by 2021.
Australian media reports around 600 of 800 jobs will be lost, with Holden staff and dealers informed at midday today.
Holden already announced late last year that it was going to stop manufacturing its Commodore range, which New Zealand police use as their patrol and fleet vehicles.
In a media statement today, GM said it considered "numerous options" to keep the Holden operation going.
"After comprehensive assessment, we regret that we could not prioritise the investment required for Holden to be successful for the long term in Australia and New Zealand, over all other considerations we have globally," GM international operations senior vice president Julian Blissett says.
Warranties will still be honoured, and GM says it will still provide servicing and spare parts in Australia and New Zealand.
"Local operations will also continue to handle all recall and any safety-related issues, working with the appropriate governmental agencies," its statement says.
With the closure of Holden, it means GM is retreating from right-hand drive vehicles internationally.
Not everyone today, however, was disappointed by the announcement.
Holden Enthusiasts Club Christchurch president Allan White said he was surprised by today's news.
“I’m personally a bit elated, as anything with Holden on it will have gone up in value,” Mr White said.
He said the club’s been running for 27 years and will continue to exist.
“There will always be a following and it may even grow…Parts could be interesting in 10 years,” he said.
He said he thinks the move will increase General Motors sales for brands like Chevrolet.
“Die-hard NZ won’t be happy but there is a Chev replacement.”