Bloomberg has reported that Apple’s next generation tablet, the iPad 3 has entered final production which is on track for a March launch. The report claims that the new iPad will feature many rumored features including a higher-resolution display (Retina display), quad-core processor and the ability to connect to LTE networks. We have seen a reference to quad-core processors in the latest beta for iOS 5.1.

The company’s manufacturing partners in Asia started ramping up production of the iPad 3 this month and plan to reach full volumes by February.

The report also claims that the current CEO, Tim Cook is putting much of his faith into this new model to show that Apple still has the hardware leading designs in the ever-quickly growing tablet market. Since the debut of the first iPad in 2010, the iPad has grown to be the second largest source of revenue for Apple, only trailing behind the iPhone.

Are you going to be buying an iPad 3 when they are released? Tell us why or why not in the comment section below.