GM international operations senior vice-president Julian Blissett said GM had made the difficult decision to finally close the doors at struggling Holden.
"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," Mr Blissett said.
Holden Enthusiasts Club of Otago committee member Daniel Cresswell said Holden-lovers across New Zealand and Australia were in mourning.
"It was pretty disheartening to hear."
The company was founded in 1856 as a saddlery manufacturer in South Australia.
In 1908, it moved into the automotive field before becoming a subsidiary of GM in 1931.
Mr Cresswell said the majority of the vehicle’s design and manufacturing was done in Australia, and Australasians saw the company as theirs.
"It was ours and now it’s gone. You’d almost shed a tear if you thought too much about it."
He said the only positive thing to come from the announcement is that it had instantly turned Holden vehicles into classics and raised their value.
New Zealand Police infrastructure national manager Superintendent Paul Jermy said the force recognised the exit of Holden would have an impact on many communities and workers.
"Police is in discussions with the Ministry of Business, Innovation, and Employment on future options, as the contract with Holden is part of the all-of-government vehicles contract."
New vehicle registration data collected by the Motor Industry Association showed Holden was the fourth best-selling brand of 2019, recording 12,026 registrations or 8% of the market.
Mr Blissett said GM intends to focus its growth in New Zealand and Australia on specialty vehicles such as the Camaro and the upcoming Corvette.
This raises the possibility of importing and re-engineering other American-only offerings that have not previously been available for sale in Australasia.
Holden customers' warranties and servicing offers made at time of sale will still be honoured.
Holden will also provide servicing and spare parts for at least 10 years, through national after-sales networks in Australia and New Zealand.
As required, Holden and its after sales network will also continue to handle any recalls or any safety-related issues, working with the appropriate governmental agencies.
— Additional reporting The New Zealand Herald
