Technology giant, Apple has announced the launch of the third generation of its tablet computer at the Yerba Buena Center for the Arts in San Francisco to revive the most poplar line of tablets in the world.

Chief Executive Officer Tim Cook released the new tablet with faster processing speeds and a higher resolution touch screen. The new version of the tablet will feature a more impressive screen and offer faster video graphics and Long Term Evolutionary (4G) capabilities and others.

The new version of the tablet will feature a 2048 x 1536 pixel resolution display and offer faster video graphics.

According to experts the company will redice the price of existing model from $499. The newest model is expected to have the same price tag as the iPad 2 as Apple usually launched the new version at the same price and then reduces the price of the earlier version.

A cheaper iPad 2 will pose a stiff competition other tablet makers in the market like Amazon and Samsung. The move will undercut manufactures who are trying to compete with Apple on the basis of lower prices.

Trudy Muller, a spokeswoman for Cupertino, California-based Apple did not comment on the announcement for the day.