(CNN) The Army this week selected the company to build its much-anticipated new vehicle to replace the Humvee -- a multibillion dollar contract.

Oshkosh Corporation, located in Oshkosh, Wisconsin, won the $6.7 billion contract to produce the Joint Light Tactical Vehicle, which will also be used by the Marine Corps.

The initial order will be for 17,000 vehicles, with production set to begin next year. The Army expects to have its first JLTV unit ready to go in fiscal year 2018, according to a release from the Army.

Oshkosh beat out two competitors for the final contract: defense giant Lockheed Martin and AM General, which manufacturers the Humvee. The tactical vehicle-maker will produce a two-seat and four-seat version of the vehicle, as well as a corresponding trailer.

Each of the three bidders produced 22 prototypes of their version of the JLTV, which were tested for 14 months leading up to the final award contract.

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