Billions at Stake as U.S. Marines Seek a New Armored Vehicle

The light armored vehicle (LAV) is not a "tank," exactly -- but since its introduction in 1983, General Dynamics (NYSE: GD) and its predecessor companies have sold more than 10,000 around the world. At recent prices running to $4.3 million apiece, the LAV has evolved into a multibillion-dollar franchise for the giant defense contractor. In 2019, the U.S. Marine Corps, the original buyer of the LAV, announced a project to replace the Corps' venerable armored vehicle with a new "modern Armored Reconnaissance Vehicle ... highly mobile, networked, transportable, protected and lethal," aiming to begin the switchover in the late 2020s.