German automaker Adam Opel , owned by General Motors ( GM), said Tuesday it was shutting down production at its plant in Eisenach because of less demand for its vehicles, according to a media report.

"We're feeling the effects of the financial crisis," said Opel spokesman Andreas Kroemer, the Associated Press reports. "People are holding on to their money and not ordering cars."

The plant shutdown for the company will go into effect next week, the spokesman said.

The company's Bochum plant already stopped production last week but will resume work next week. Kroemer said the company was expecting to build 40,000 fewer cars than initially planned this year, AP reports.
This article was written by a staff member of TheStreet.com.

If you liked this article you might like

Spain to Play Netherlands for World Cup

Spain to Play Netherlands for World Cup

Wal-Mart: Analysts' Upgrades, Downgrades

Wal-Mart: Analysts' Upgrades, Downgrades

Netherlands Advances to World Cup Final

Netherlands Advances to World Cup Final

Apple: Analysts' Upgrades, Downgrades

Apple: Analysts' Upgrades, Downgrades

World Markets Mostly Lower Monday

World Markets Mostly Lower Monday