Bing made the announcement Monday at news conference with industrialist Roger Penske, Bing called the donation an "unprecedented collaboration" between the city and business interests to aid the cash-strapped city, The Detroit News reported.
Penske spearheaded the effort, which included donations from the three major U.S. auto makers, Quicken Loans, Inc., and Blue Cross Blue Shield of Michigan, among others.
The police cars should be delivered within 60 to 90 days, officials said. The Emergency Medical Services vehicles should be on the streets within 120 to 150 days.
The announcement came on the first day of work for new emergency financial manager Kevyn Orr, the Detroit Free Press.
Orr was not at the press conference. Bing said it merely a coincidence the announcement was made as Orr arrived.