(CBS News) Apple announced the iPad Mini Tuesday at the California Theater in San Jose, Calif. The highly-anticipated tablet computer is a smaller, cheaper version of the tech giant's popular iPad, and a fourth generation iPad.
Apple chief executive officer Tim Cook started off the event saying, ""We have some very fond memories here, and we're going to create a few more today."
But first, Apple senior vice president Phil Shiller took the stage to introduce a fourth generation iPad.
"It is a power house," Shiller said.
The fourth generation iPad features an A6X processor, 5 megapixel iSight camera, expanded LTE chipset, front-facing camera with FaceTime and 720p video capture, faster Wi-Fi, and Lightening connector. The new iPad is priced at $499 for a 16 GB model, $629 for a 16 GB model with 4G LTE.
Shiller also introduced an iPad mini. The smaller iPad is 7.2 millimeters thick, 0.63 pounds, comes in white and slate black. The iPad mini's screen is 7.9-inches at 1,024 x 768 display resolution.
Apple launched the original iPad in April 2010. The iPad has since dominated the 9-inch tablet market, with a reported 70 percent market share. Cook reported that there over 100 million iPads have been sold.
The iPad mini starts at $329 for a 16GB Wi-Fi only model, $429 for a 32 GB model and $529 for a 64 GB model.The Wi-Fi only models will ship on Nov. 2. The iPad mini models with Wi-Fi and 4G starts at $459 for 16GB, $559 for 32GB, and $659 for 64GB, and is available on Nov. 16.
Fourth generation iPad Wi-Fi only model will be available for pre-order on Friday, Oct. 26, and will hit stores on Nov. 2.
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