Apple (Nasdaq:  AAPL) unveiled a new version of its bestselling iPad 2, dubbed the iPad HD, priced from $499.

The new tablet features high-definition TV reception, a retina display similar to the iPhone 4S's, with 1,298 by 1,536 pixels or more than 3 million pixels, or picture elements, for HD viewing. The new product will be available March 16.

The name of the device hasn't been yet officially announced, but it uses a new A5x chip from ARM Holdings with a new iSight camera.

In addition, because it will use new 4G long-term evolution (LTE) services, its initial telecommunications partners will be Verizon Wireless and AT&T, officials said.

Apple also announced a new version of Apple TV device, which will be available next week, will also connect with the company's iPhone 4S using the iCloud.

The Cupertino, Calif. company sold only about 1.5 million Apple TVs last year.

Apple CEO Tim Cook and other senior executives are conducting a product introduction in San Francisco, where they are expected to announce the successor to the iPad 2 tablet.

Apple shares are unchanged at $530 in afternoon trading.