Sony on Tuesday announced the PlayStation 5 Pro, an upgraded version of its gaming console that will launch on Nov. 7 for $700.

The arrival of Sony’s refreshed PS5 console comes amid a global decline in console sales. In August, Sony reported that it sold 2.4 million units of its PlayStation 5 console in the fiscal first quarter, down from 3.3 million in the same period a year ago.

The PS5 Pro will have an upgraded graphics card with 67% more compute units than the current standard PS5 model, Sony said, allowing for up to 45% faster rendering of gameplay. Sony also touted new artificial intelligence capabilities that upscale graphics with sharper image clarity and more detailed visuals.

The PS5 Pro features “advanced” ray tracing, a technique in computer graphics that simulates how light bounces off reflective surfaces.

Sony said the PS5 Pro features a 2-terabyte solid-state drive, larger than the custom-built 825 GB solid-state drive featured in the PS5. It comes with Sony’s DualSense Wireless Controller and support for Wi-Fi 7. An Ultra HD Blu-ray Disc Drive will be sold separately.

Sony said several games will have “PS5 Pro Enhanced” designation with features that work on the new console. Examples include “Alan Wake 2,” “Assassin’s Creed Shadows,” “Demon’s Souls,” “Dragon’s Dogma 2,” “Final Fantasy 7 Rebirth,” “Gran Turismo 7,” “Hogwarts Legacy,” “Horizon Forbidden West,” “Marvel’s Spider-Man 2,” “Ratchet & Clank: Rift Apart” and “The Last of Us Part II Remastered.”