During Apple’s media event today, Apple announced that the original Apple Watch will be renamed with a lower price point and improved processor. The Apple Watch Series 1 starts at $269, and uses the same dual-core processor as the new Apple Watch Series 2. What it doesn't come with is the built-in GPS and 50m water-resistant capabilities of the new Watch. It will also come only in the "Sport" configuration, with an aluminum casing and sport bands. You can pre order the Apple Watch Series 1 on September 9 and will be available on September 16.
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