Apple unveils new iPad with Retina display, set to launch March 16

Apple Tuesday unveiled the latest generation of its wildly successful iPad, featuring a suped-up processer, a record-setting display resolution, faster wireless connections and a new five-megapixel camera.

In his second major product launch since debuting the iPhone 4S last year, CEO Tim Cook introduced the highly anticipated third iteration of the tablet, which was available immediately made available for pre-orders and will hit store shelves March 16.

The high-end model of Apple's latest iPad - dubbed only iPad, not iPad 3 or iPad HD as many expected - will be capable of operating on a high-speed 4G "LTE," or Long-Term Evolution, network, which is roughly 10 times faster than the 3G network that the current iPads support.

Apple said the tablet will retain its 10-hour battery life despite a drastically faster processing chip and power-hungry wireless network.

The new iPad will start at $499 for WiFi-only and 16GB of storage, and the most expensive model will cost $829 for 64GB and a 4G LTE connection.

Much like the company's iPhone line, the iPad 2 will still be available, starting at $399.

(with Reuters)

Follow reporter Tim Herrera on Twitter: @tim_herrera