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Apple rolls out smaller, thinner iPad Air tablet, for sale Nov. 1

Apple introduced the fifth generation of its iPad tablet, a thinner, lighter and redesigned model that is being dubbed the iPad Air.

The new model looks a lot like the iPad mini. It weighs 1 pound, down from 1.4 pounds for the previous model, and it is also 20% thinner than before, at just 0.3 inches thick.

Complete with the redesigned look is the company's new 64-bit A7 chip, which makes the iPad Air faster than its predecessors.

LIVE UPDATES: Apple announcement -- iPad, Mavericks OS X, more

Apple said the new iPad Air will be available in silver and white or space gray and black options. The new iPad Air launches on Nov. 1 and will be available starting at $499 for a 16 GB model and $629 for an LTE-enabled model.

The iPad Air replaces the fourth-generation iPad. Apple said it would continue to sell the iPad 2 with 16 GB of storage for $399.

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