U.S. Army names three finalists to replace the Humvee in $5 billion bake-off

In the lingo of the U.S. Army, the next-generation of battle trucks will be known as the Joint Light Tactical Vehicle. To everyone else, it's known as the replacement for the Humvee -- and one of the few multibillion-dollar U.S. defense contracts still up for grabs. On Wednesday, the Army narrowed its list of potential Humvee successors to three. Here's a look at what the 21st-century jeep will look like.

The winners -- AM General, builder of the current Humvee; Lockheed Martin and Oshkosh Corp. -- beat out three other teams from Navistar, General Dynamics and BAE Systems. The three top entrants won contracts worth about $60 million each to build a small fleet of demonstration models that will be tested by the Army. Whichever team prevails will win a contract to build 20,000 vehicles for the U.S. Army and another 5,000 for the Marines at an estimated cost of $5 billion; the eventual deal could be worth far more depending on options and whether other countries buy the same vehicle -- a rare opportunity in a era where the Defense Department faces up to $1 trillion in budget cuts.