(NEW YORK) — Apple on Tuesday unveiled its 5G iPhone, the first for the tech giant.

“The next generation is here. Today is the beginning of a new era for iPhone,” Apple CEO Tim Cook said. “This is a huge moment for all of us and we’re really excited.”

The iPhone 12 was “designed with 5G in mind” and comes in five new colors (black, white, red, green and blue), Kaiann Drance, Apple’s vice president of marketing, said at the virtual event.

The iPhone 12 is 11% thinner, 15% smaller in volume and 16% lighter than the current iPhone 11, Drance said.

It also has a new, faster chip, the A14 Bionic, which Apple said is the fastest chip on a smartphone. It also features a new Super Retina XDR display and a new ceramic shield glass, which will make the iPhone “more durable than ever,” Drance noted.

“To set the scene, it is the biggest unveil in probably a decade for [Tim] Cook,” tech industry analyst Dan Ives, managing director of equity research at Wedbush Securities, told ABC News ahead of the event. “I think it’s a once-in-a-decade product cycle around 5G.”

“Going into the launch event, it’s really Apple laying the groundwork for why consumers should upgrade to 5G, and what makes it such a transformational technology upgrade for the iPhone 12,” he added.

Copyright © 2020, ABC Audio. All rights reserved.