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Police said they were Michael Shelford Mauheni (17) and Kaylem Rayne Webb-Hirst (16) of Oamaru.
On Friday Kaylem's family named him as one of the people killed in the crash.
Police formally identified both of the victims and all next of kin had been informed, police said.
Members of Kaylem's family declined to comment further when contacted by the Otago Daily Times.
The 18-year-old driver of the vehicle, also a former Waitaki Boys' pupil, was seriously injured in the crash and remains in a stable condition in Dunedin Hospital.
Fire crews found the car alight when they arrived at the scene at the intersection of T Y Duncan and Shortland Rds about 11pm on Wednesday. Two bodies were discovered inside.
The light-coloured car appeared to have run off the roughly 2km Shortland Rd and collided with large stones at the gate of a T Y Duncan Rd property.
Police could not comment further as the crash was still being investigated.