Apple (AAPL) unveiled three new versions of its iPhone -- the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max --  to much fanfare at its annual fall event on Tuesday. The iPhone 11 will start at $699, $50 less than what Apple's previous new base model, the iPhone XR, started at. The higher-end 11 Pro will start at $999 and the 11 Pro Max will start at $1,099, the same as their predecessors. 

The new phones will be available for pre-order starting on Friday, Sept. 13 and will start shipping to customers on Sept. 20.

Shares of Apple dipped slightly on Tuesday afternoon following the announcement of details about the new phones, whose features had already largely been leaked. They ended the day up 1.2% to $216.70. 

The base model iPhone 11 features an updated dual camera system that offers wide camera and ultrawide camera views that feature 120 degrees of field view. The audio on the phone is also upgraded with Dolby Atmos technology that offers spacial audio that "creates a sound field" around users. The camera also features a Night mode for taking pictures in low-light conditions, and shooting slow-motion video is possible for the first time with the front-facing camera.

The iPhone 11 is waterproof for a depth of up to 2 meters and for up to 30 minutes and features "all day" battery life that trumps the iPhone XR's battery life by an hour.

The premium iPhone 11 Pro is made of stainless steel and comes in two sizes -- 5.8 inches for the main Pro model and 6.5 inches for the Pro Max. The Pro models have three rear cameras -- a wide camera, telephoto and ultra wide lens. The Pro models are powered by a new A13 Bionic chip that Apple claims is the fastest ever in a smart phone.

Apple said the 11 Pro will have four more hours of battery life than its predecessor, the iPhone XS , and Pro Max features 5 more hours of battery life than its predecessor. Both will ship with a new fast-charging 15-watt charger.

CEO Tim Cook also said the price of the XR would be dropping to $599 and the iPhone 8 would also still be available to new customers.  

On Tuesday, Apple also announced a new Apple Watch 5 with an always-on display and more independence from the iPhone, as well as a new standard iPad with a 10.2-inch display. And Apple began the event by announcing pricing and launch dates for its much-anticipated Apple TV+ streaming video and Apple Arcade game subscription services. 

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