$500 iPad Air revealed

Today during a news event in San Francisco, Apple unveiled the its fifth-generation iPad, the iPad Air, described as "thinner, lighter, and more powerful" than any Apple tablet before it.

The iPad Air features a 9.7-inch Retina display and is 7.5mm thick. The iPad Air weighs 1lb, down from 1.4 lbs from the previous model. This makes the iPad Air the lightest full-size tablet in the world, Apple said.

The iPad Air is powered by Apple's A7 chip, which also runs the iPhone 5s. It features a 5mp camera, as well as dual microphones and Siri. It does not feature the thumbprint scanner featured on the new iPhones.

The 16GB iPad Air will ship on November 1 for $500 in silver and white color configurations. A cellular model will be available for $629.

Also during the event, Apple announced an all-new iPad Mini, dubbed the iPad Mini with Retina Display. It will feature a 2,048x1,536 Retina Display and the new A7 chip. The tablet will be available also on November 1, starting at $400 for a 16GB model.

The iPad 2 will remain on the market for $400, the same price as a new iPad Mini.

Apple also announced today that lifetime iPad sales have reached 170 million. The company added that its tablet marketshare is 81 percent.

Apple's news event is ongoing. Check back later for more...