Brett Molina

USA TODAY

Apple (AAPL) unveiled a new iPad on Tuesday starting at $329, introducing a lower-cost model of its tablet to boost sales.

The iPad will feature a 9.7-inch screen, A9 processing chip and up to 10 hours of battery life. It will be available to order on March 24.

With the lower price, this model of the iPad is a slight step down in features from the iPad Pro in the same size. The Pro features a 12-megapixel camera, compared to 8 megapixel for the newer iPad, plus boasts a faster processing chip.

Shares of Apple fell 1%, coming off a record high as investors awaited details of the tech giant's latest hardware.

Apple's shift to a more affordable iPad arrives as the company tries to spark interest in its tablet. It's significantly less expensive than its iPad Pro line, whose 9.7-inch models start at $599.

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Last quarter, Apple sold 13.1 million iPads, compared to 16.1 million from the same time last year. But it's not just the iPad that's struggling. Overall, tablet sales have sunk as consumers who have purchased the devices are choosing to hang on to them for a longer period, unlike the smartphone market, where users will often update their devices every two years.

Apple is still the top player among the tablet makers, with a 21% share of the market, according to Strategy Analytics. Samsung is second with a 13% share.

The new iPad replaces the second-generation iPad Air, which had been Apple's lowest-priced tablet at $399.

The iPad was one of several announcements from Apple on Tuesday. The company unveiled a model of its iPhone 7 in red, part of its partnership with (Product) Red, which supports programs fighting HIV and AIDS.

Apple is also launching a new video app called Clips, where users can create their own videos to share on social networks and messaging services including Facebook Messenger and Instagram.

Follow Brett Molina on Twitter: @brettmolina23.