After news reports surfaced regarding Colt, the manufacturer of the infamous AR-15 rifle, saying that the company will stop manufacturing the said assault rifle, President and Chief Executive Officer Dennis Veilleux confirmed that they would no longer produce the rife for commercial sales. However, he said that the company is not abandoning the consumer market for guns; instead, he clarified that there’s just a surplus of supply, and there are more rifles for consumers to buy.
“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,” Veilleux said in a letter to clarify the issue and was posted in the company’s website.
The company’s CEO said that in recent years, the production of AR-15 rifles has been in excess capacity and that they believe that there is an “adequate” supply of the rifle to sell in the future amid their decision to discontinue the production.
“The fact of the matter is that over the last few years, the market for modern sporting rifles has experienced significant excess manufacturing capacity. Given this level of manufacturing capacity, we believe there is an adequate supply for modern sporting rifles for the foreseeable future,” he added.
Furthermore, he said that the company will still continue to serve the law enforcement agencies and the military that they have signed contracts with. Because of these contracts, he explained, the company is focusing on fulfilling these demands and focus their resources on producing guns and rifles for their partners.
“Colt’s commitment to the consumer markets, however, is unwavering. We continue to expand our network of dealers across the country and to supply them with expanding lines of the finest quality 1911s and revolvers,” he assures consumers. “Colt has been a stout supporter of the Second Amendment for over 180 years, remains so, and will continue to provide its customers with the finest quality firearms in the world.”