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UPDATE: Microsoft sets November launch date for new Xbox

It is official - Microsoft Corp.'s new Xbox console is the Xbox One X.

Previously referred to as Project Scorpio, the Xbox One X will launch worldwide Nov. 7, Xbox head Phil Spencer announced at the Xbox E3 2017 briefing at the Galen Center in Los Angeles.

The new console features true native 4K graphics, Dolby Atmos surround-sound support and HDR support for gaming and video.

The Xbox One X will retail for $499 in the U.S., £449 in the U.K., €499 in most European markets, C$599 in Canada and A$649.1 in Australia, according to an official release.

Spencer also confirmed that the Xbox One S' price was reduced to $249 from $299.