Colt Firearms announced on Thursday that it is ending the manufacture of the AR-15 due to “significant excess” of assault-style rifles in the firearms market.
In a statement posted to the Colt website on Thursday, Colt argued that the market for AR-15, which it refers to as a “modern sporting rifle,” is saturated in the U.S.
“The market for modern sporting rifles has experienced significant excess manufacturing capacity,” the statement said. “Given this level of manufacturing capacity, we believe there is adequate supply for modern sporting rifles for the foreseeable future.”
“We want to assure you that Colt is committed to the Second Amendment, highly values its customers and continues to manufacture the world’s finest quality firearms for the consumer market,” the company added.
Paul Spitale, a senior vice president at Colt, pointed to lower margins and reduced sales.
“What’s true today is that the [modern sporting rifle] market is much more price-driven,” Spitale told the NRA’s Shooting Illustrated magazine. “We’ve seen a pretty sharp decline in rifle sales, given our price points, resulting in significant inventory build-up held by our distributors.”
The AR-15, which was first manufactured by Colt, is now sold by many firearms companies.
It could be a sign that the price of assault-style weapons in the U.S. is about to drop. AR-15s and similar weapons have been recognized as the gun of choice in many mass shootings.
Lincoln Project’s new ad brutally smacks GOP cowardice
The Lincoln Project released a new ad comparing the courage of Black protesters with the cowardice of Republican senators.
The new campaign ad shows Black Lives Matter protesters carrying signs peacefully walk past a group of armed white men during a demonstration last month in rural Crown Point, Indiana -- and contrasts their bravery to GOP senators scurrying past reporters seeking comment about President Donald Trump's conduct.
"Vote for courage," the ad says.
Lincoln Project co-founder Reed Galen explains that Republican lawmakers have the authority to hold Trump accountable, but they refuse to do so.
Joe Biden to air first general-election TV ads in Texas as polls show increasingly close race against President Donald Trump
Joe Biden is launching his first general-election TV ads in Texas as a growing number of polls show a close presidential race here.
As part of a four-state ad buy that Biden's campaign is announcing Tuesday, the presumptive Democratic nominee is going up with a 60-second spot in Texas that addresses the increasingly dire coronavirus situation here.
Restaurant owner kicks out ‘crazy’ Trump supporter who flashed a gun at employee who asked him to wear a mask
A supporter of President Donald Trump was recently kicked out of a barbecue joint in Kansas after he flashed a gun at an employee who asked him to wear a face mask.
The Kansas City Star reports that a man wearing a "Make America Great Again" hat walked into the RJ’s Bob-Be-Que Shack in Mission, Kansas last week without wearing a face mask.
When he was asked to wear one by worker Arlo Kinsey, he said that he had an "exemption" to Kansas's statewide mask order -- after which he pulled up his shirt and revealed he was carrying a holstered gun.