The cost also covers spares, logistics support and training.
Five training vehicles will arrive soon to allow drivers and mechanics to be trained before the main fleet arrives. All of the new trucks will be in New Zealand by the end of 2014.
The new fleet represented a capability leap forward, said vice chief of Defence Force Major General Tim Keating.
"These are modern trucks that will perform well on the modern battlefield," Major General Keating said.
"We operate in demanding environments, whether it is in support of humanitarian disasters or in armed combat, and we need reliable support vehicles."
As well as the normal troop- and equipment-carrying roles for the vehicles, some will be fitted with specialised equipment, including winches and cranes, and pallet- and container-handling equipment.
The trucks are being made by European military supplier Rheinmetall MAN.