The last Holden Commodore to be built in Australia is the fastest and most powerful in 37 years.

The VFII Commodore was unveiled in Port Melbourne today in front of a gallery of iconic models stretching back to the first Commodore built in 1978.

“We made a commitment to keep this iconic car exciting and relevant for Australian motorists, and that is exactly what we have done,” Holden managing director Mark Bernhard said.

• Looking for a small car? Here are five of the best
• Why Tesla is your new dream car
• 10 tips to save you on petrol costs

“This is the vehicle that our Commodore customers have been asking for.”

The VFII introduces a new 6.2-litre LS3 engine to all V8 models, along with bi-modal exhaust and mechanical sound enhancer.

Holden lead development engineer Amelinda Watt said Australian expertise ensured the new engine, sound and handling was unique.

“The new 6.2-litre LS3 engine and its distinctive sound character is the result of years of hard work, testing, developing and evaluating this vehicle and I’m so proud of the end result,” said Ms Watt.

“This is absolutely the best car we have ever engineered.”

Holden’s local manufacturing ends in 2017, with Commodores likely to be built in Asia and Europe from then on.

But General Motors has reversed a decision to send more than 100 powertrain engineering and development jobs overseas, announcing on Saturday night the jobs will stay in Australia.

More than 100 additional Holden engineering staff will continue to apply their skills and talents to local and global vehicle programs.

“As Holden has done for decades, we will export our expertise to the world,” Mr Bernhard said.

Holden will have more than 300 people working in design and engineering in Australia after the end of local manufacturing, and will continue to bid for other global GM work.

THE VFII (6.2-litre LS3 engine,  304kW of power,  570Nm of torque,  0-100km/h in 4.9 seconds) is on sale in October.