Apple's (NASDAQ:AAPL) iPad 2 Now in Production

According to people close to the situation, Apple (NASDAQ:AAPL) has started production on iPad 2, or whatever the official name may end up being.

Included with the next-generation iPad will be a speedier processor and a built-in camera. The design of the second iPad will result in a thinner and lighter model.

Also different from the first iPad will be a more powerful graphics processor and more memory. One thing not improved upon will be the display resolution, which reportedly will remain close to what the first iPad has.

When released, the latest iPad will only be available through AT&T (NYSE:T) and Verizon (NYSE:Vz). T-Mobile and Sprint (NYSE:S) will be left out of this one; at least in the beginning of the release.

The people said the new iPad should be released some time in the next two months, and be offered close to the price range of the current iPad.

It seems Apple wanted to improve the resolution of the original iPad, but because of the larger screen weren't able to do it in time for iPad 2.

In 2011, Piper Jaffray estimates Apple will sell about 27 million iPads. Since the release of the first iPad, Apple sold 14.8 million units.