OshkoshÂ (NYSE: OSK) has won a much-anticipated potential $6, 749, 799, 374.25 contract to build armored vehicles for theÂ U.S. Army‘sÂ Joint Light Tactical Vehicle program, the service branch’s initiative to replace the Humvee for itself and the Marine Corps.
The ArmyÂ said TuesdayÂ it expects low-rate initial production of the JLTV to start in fiscal year 2016 and make a decision on full-rate production in fiscal year 2018.
Other competitors for the JLTV program included Lockheed Martin with BAE Systems as a subcontractorÂ and the originalÂ Humvee maker AM General.
OshkoshÂ will produce 17, 000 vehicles for both the Army and Marines in the first three years of low-rate initial production and full-rate production will includeÂ 49, 099Â vehicles for the Army and 5, 500 for the Marine Corps.
The Marines expect to have initial operating capability in fiscal 2018 and complete fielding in fiscal 2022, the Army said.