Gun manufacturer Colt announced on Thursday that it will be suspending production of “modern sporting rifles,” a category that includes the AR-15 and other long rifles for civilian use.
“The market for modern sporting rifles has experienced significant excess manufacturing capacity,” said company president Dennis Veilleux in a statement.
Given this level of manufacturing capacity, we believe there is adequate supply for modern sporting rifles for the foreseeable future.
Veilleux also said the company will continue to make rifles for military and law enforcement.
“We are fortunate enough to have been awarded significant military and law enforcement contracts,” Veilleux said. “Currently, these high-volume contracts are absorbing all of Colt’s manufacturing capacity for rifles.”
🔦 Colt’s announcement comes shortly after several changes in the firearm market, including Walmart’s announcement that it will stop selling ammunition, the first use of the D.C. Red Flag Law, and Democratic presidential candidate Beto O’Rourke pushing for a gun buyback.