In November 2010, SanDisk, Sony and Nikon presented a next generation card format to the CompactFlash Association. The new format has a similar form factor to CF/CFast but is based on the PCI Express interface instead of Parallel ATA or Serial ATA. With potential read and write speeds of 1 Gbit/s (125 MB/s) and storage capabilities beyond 2 TiB, the new format is aimed at high-definition camcorders and high-resolution digital cameras, but the new cards are not backward compatible with either CompactFlash or CFast. The XQD card format was officially announced by the CompactFlash Association in December 2011.