Apple announced it's newest entry into the iPad family at their live event Tuesday, debuting what they are now calling the iPad Air.

The new device was expected to look similar to the iPad Mini that was released last year but with a lighter and thinner design. The device is also said to be more powerful than last year's iPad with Retina Display.

The new Air has a 43 percent smaller side bezel than last year's model and is smaller in general at 7.5 mm down from 9.4mm, and 20 percent lighter at 0.9 lbs versus the prior model at 1.9 lbs.

The device will use an A7 chip instead of last year's A6 and has an M7 motion coprocessor, giving it two times the processor than the previous generation and an eight-times faster speed than the 4th generation models unveiled in 2012.

This one actually has a 9.7 retina display, features two times the graphics, and has 1080p HD Facetime video and dual microphones. The price will start at $499 with the cellular models going for $629. It will be available for shipping Nov. 1.

See additional photos of the new iPad here.

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