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.
Morning Joe’s Mika: Thousands are dying of COVID-19 because Trump is ‘surrounded by inexperienced suck-ups’
MSNBC host Mika Brzezinski got right to the point on Tuesday morning by saying people are getting sick and dying in the U.S. because Donald Trump is surrounded by a collection of "suck-ups" who won't tell him the brutal truth about what is happening in the country.
As part of a "Morning Joe" panel discussion on the failings of the Trump administration to head off of the COVID-19 pandemic that is ravaging the country -- despite ample warnings it was on the way -- Brzezinski, as well as co-host Willie Geist, levied some hard accusations against the president and his team.
MSNBC’s Morning Joe and Mika reveal why Trump likely ignored startlingly accurate COVID-19 memos
MSNBC's Joe Scarborough and Mika Brzezinski rebuked President Donald Trump for apparently ignoring startlingly accurate warnings from trade adviser Peter Navarro about the coronavirus pandemic.
Navarro's memos were circulated at the highest levels of government in January and February, but the president downplayed the virus until early March, when statewide lockdowns started wrecking the U.S. economy.
"In one worst-case scenario cited in the memo, Navarro warned that more than half a million Americans could die, and, yet, weeks after that, you had Donald Trump at rallies saying that in April when it warms up, this will miraculously go away," Scarborough said. "Put this in context with, I suppose you could say with 9/11, the memos warning of al-Qaeda attacks using airplanes, maybe missed signals FDR didn't pick up on before Pearl Harbor. I really don't know, though, what parallel there can be, because so many more people are going to die because of these missed signals."
Prince Harry and Meghan to start non-profit in US
Britain's Prince Harry and his wife Meghan Markle are planning to launch a wide-ranging non-profit organisation named Archewell, reports on Tuesday said.
The Duke and Duchess of Sussex, who formally stepped down as senior members of the British royal family last week, told the Daily Telegraph newspaper they were establishing the organization in the United States, where they are now based.
The charitable organization will include emotional support groups, a multimedia educational empire and a wellbeing website among other things.
They said they wanted "to do something of meaning, to do something that matters".