A new budget iPhone SE was introduced Tuesday as part of Apple's first product event of 2022.

The tech giant announced that the new phone starts at $429 for 64 GB of storage, and adds 5G wireless capability. It also uses the same A15 Bionic chip used in the iPhone 13, which the company says “​​enhances nearly everything you do.”

The new iPhone still saw a bump in price. The previous iPhone SE model was priced at $399. Preorders will begin on Friday, with shipments beginning on March 18.

The iPhone 13 Pro Max was released in September 2021 and had a retail price of $1,099.​

The new iPhone SE is seen on display during an event at the Apple headquarters in Cupertino, California March 21, 2016.
The new iPhone SE is seen on display during an event at the Apple headquarters in Cupertino, California March 21, 2016. Reuters / Stephen Lam

The tech giant also announced ​the all-new Mac Studio, a desktop system that emphasizes power. It uses Apple’s M1 Max chip, which is the driving force of various Mac products, as well as the newly announced M1 Ultra, an even more powerful processor.

“It is the first computer to deliver an unprecedented level of performance,” Apple said in a press release. “With Mac Studio, users can do things that are not possible on any other desktop.”

A new version of the iPad Air was announced as well, featuring 5G support and a refined camera on the front. It is powered by the M1 processor and starts at $599. It will also be available on March 18.

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