Yes. Apple made several product announcements on Tuesday, March 21, 2017, including launching a new (and cheaper) 9.7-inch iPad model.
As reported by The Motley pool, Apple's newest iPad model, which the company is simply calling "iPad" -- is essentially a minor upgrade of the iPad Air 2. Apple first released the iPad Air 2 in late 2014, and for the past year it has functioned as Apple's entry-level full-size iPad, with a starting price of $399.
The new model will keep the popular 9.7-inch screen size. It offers a somewhat more powerful processor, the A9, compared with the iPad Air 2's A8X chip. That said, this is still a full generation behind the speedy A10 processor found in the iPhone 7 and iPhone 7 Plus. By and large, the new iPad doesn't have major technical improvements over the iPad Air 2.
The new iPad will have a starting price of just $329. The iPad Air 2 was occasionally available at a lower price, some stores offered the 32GB Wi-Fi model for less than $300 on Black Friday last year, but Apple never reduced its suggested retail price below $399. The lower price and modest performance upgrades may finally persuade some price-sensitive customers to replace their aging iPads.
The new model will be available to order on Friday, March 24. It should start reaching customers' hands (in the U.S. and more than 20 international markets) next week.