Apple, the world’s most valuable company, will hold a product event on March 7 in San Francisco, where it’s said to be releasing the third generation of its best-selling iPad tablet computer.
“We have something you really have to see. And touch,” Apple said today in an invitation, which features a picture of an iPad screen. The new device will sport a high-definition display, run a faster processor and work with speedier wireless networks, people familiar with the product said last month.
After pioneering the tablet market two years ago, Apple is counting on the new model to beat back competition from newer devices running Google’s Android software. The company has sold more than 55 million iPads, generating at least $34.5 billion in revenue. Amazon.com’s Kindle Fire, which uses Android, emerged as the iPad’s biggest rival over the holiday shopping season last year.
Trudy Muller, a spokeswoman for Cupertino, California-based Apple, declined to comment beyond the information in the event invitation.
Apple’s manufacturing partners in Asia started ramping up production of the iPad 3 in January, said one of the people familiar with the matter, who asked not to be named because the details aren’t public. The tablet will use a quad-core chip, an enhancement that lets users jump more quickly between applications, the people said.