Project Scorpio is now officially 'Xbox One X,' priced at $499

At Microsoft’s E3 press conference in L.A. today, Xbox executives hyped a faster – and smaller – Xbox One console. Microsoft’s Project Scorpio, the beefed-up successor to Xbox One, is now officially called “Xbox One X,” a liquid-cooled console that is backwards compatible with Xbox One accessories and games.

Microsoft confirmed that existing Xbox One games will run better and faster on the X as well, taking advantage of 4K television sets.

The console, said to be the smallest Xbox console to date, is set to hit shelves on November 7, in time for the holiday rush, at a price of $499.