The U.S. and China will spend more than $2 billion to buy 1,500 Cams, and other nations will spend up to $500 million on the cameras, the European Commission said in a press release.
China will have around 700 cameras in its inventory, the Commission said, but that number is likely to rise as the government purchases more.
The new equipment, which will be manufactured by China’s Dongfeng Camera Group and assembled in China, will be used to produce a total of 1,900 Cams by 2020, it said.
The European Commission says the Cams are expected to make use of the “unprecedented” new capabilities that have become available to the world, and will provide better results than before.
In the United States, the government is expected to spend more on Cams than the rest of the world combined, according to the Federal Reserve Bank of New York.
“The new camera manufacturing capabilities have the potential to produce up to 1,000 cameras per year and could provide substantial savings in the U.s. labor costs for those working in Cams,” the New York Fed said in its report.
But the new Cams have yet to hit the market, and it is unclear how many of them will actually be sold.
The European Commission expects Cams to cost $3,500 for the first model, $6,500 the second, and $8,500 each of the three succeeding models.
The Federal Reserve said the CMs have not yet been available for sale, and that China has not been able to get approval to use its CMs.
The Cams will be available in the European Union by 2020.
In the United Kingdom, a British government agency said it expects to purchase 100,000 CMs per year by 2020 as it looks to boost its capacity to produce them.
More to come.