General Dynamics awarded a contract from U.S. Special Operations Command worth up to $562M

|About: General Dynamics Corporation (GD)|By:, SA News Editor

General Dynamics (GD) Ordnance and Tactical Systems group has been awarded a contract worth at least $562M for its Ground Mobility Vehicle 1.1 program.

The special ops command has said that it wants to buy 1,297 of the vehicles to replace the current 1,072 Humvee-based GMV's it has in its inventory.

SOCOM has already planned to spend about $24M on the program in fiscal 2014 for the first 101 vehicles, at a price tag of at $245K per vehicle.

The term of the contract is seven years, and is expected to be completed by September 2020.