Holden will cease manufacturing cars at its Adelaide plant on October 20.
After more than 60 years of car building at the Elizabeth plant, the company will then transition to become a sales group and vehicle importer.
Holden spokesman Richard Phillips said the company's overriding priority was giving the Elizabeth factory's employees and suppliers advance notice and providing certainty.
Almost 1000 workers will remain employed at the plant until the last car rolls off the production line and more than 30,000 vehicles are expected to be built between now and October 20.
The company says of the 700 people who have left the plant since 2015, almost 70 per cent have found new jobs within a year.
Employees will have access to transition services and up to $3000 in approved training and $500 for financial advice.
Holden has been winding down production at the plant in recent years.
While Holden has said for some time 2017 would see the end of production, the confirmation of a final date still makes for a "difficult day", says the state's Automotive Transformation Minister Kyam Maher.
"The people of South Australia have been very loyal to Holden for more than half a century and Holden have an obligation to repay that," he said.
"If Holden don't do the right thing over the coming months, I'm sure people will stop buying their cars."
The SA government also called on the federal government to prioritise releasing money from it $800 million automotive transformation scheme.
Labor acting leader and SA senator Penny Wong said it was an awful day for Holden employees and their families.
"We are thinking of you. We know this is a tough day," she told reporters in Adelaide.
She said the focus must now shift to retraining and other employment opportunities.
Defence manufacturing, ship and submarine building would create new jobs in coming years, Senator Wong said.
Industry Minister Greg Hunt took to Twitter after the announcement to express sympathy for the Holden workers.
"Although this has been a long foreshadowed announcement, it is still a deeply difficult time for workers and their families," he tweeted.
"Under the $155m Growth Fund, the Turnbull Govt will continue to do all we can to support workers and component manufacturers."
