Apple Inc officially announced its much-anticipated new iPhone at the Yerba Buena Center for Arts in San Francisco on Wednesday, and it is called iPhone 5 as expected. It is Apple's thinnest and lightest ever iPhone.

CEO Tim Cook has been under pressure to introduce a new iPhone ever since he stepped into the shoes of the late co-founder Steve Jobs last year, as Apple Inc needs a gadget to remain as the world's most valuable company.

According to Apple press release, iPhone 5 is "the thinnest and lightest iPhone ever, completely redesigned to feature a stunning new 4-inch Retina display; an Apple-designed A6 chip for blazing fast performance; and ultrafast wireless technology-all while delivering even better battery life."

iPhone 5 comes with iOS 6, the world's most advanced mobile operating system with over 200 new features including: the all new Maps app with Apple-designed cartography and turn-by-turn navigation; Facebook integration; Passbook organization; and even more Siri features and languages, added the press release.

"iPhone 5 is the most beautiful consumer device that we've ever created," said Philip Schiller, Apple's senior vice president of Worldwide Marketing. "We've packed an amazing amount of innovation and advanced technology into a thin and light, jewel-like device with a stunning 4-inch Retina display, blazing fast A6 chip, ultrafast wireless, even longer battery life; and we think customers are going to love it."