Oshkosh Defense has received a $42 million order for Joint Light Tactical Vehicles under a $6.75 billion contract announced last year.

The company in a release Monday said the JLTV order includes vehicles, installed kits and packaged kits.

The program will replace 55,000 U.S. Army and Marine Corps Humvees, or High Mobility Multipurpose Wheeled Vehicle (HMMWV), manufactured by AM General since the 1980s.

About 280,000 aging Humvees will need to be replaced by 2040, meaning the Oshkosh contract could be worth up to $30 billion. Oshkosh beat out Lockheed Martin and AM General for the JLTV contract.

Monday's announcement is the third order since the contract was awarded in August 2015. In March, the company announced a $243 million order that includes 657 vehicles, 2,977 installed kits and related support.

The latest work will be performed at its Wisconsin plant with an estimated completion date of November 2017.

"This latest order demonstrates that the JLTV continues to be a central piece of the Army's future ground force and a modernization priority," said Dave Diersen, Oshkosh Defense vice president of Joint Programs. "The JLTV program is moving forward with a focus on giving soldiers and Marines the next generation light vehicle they need for their missions."

Oshkosh Corporation designs, manufactures and markets a broad range of access equipment, commercial, fire and emergency, military and specialty vehicles and vehicle bodies.