According to Nvidia vice president Rob Csonger, speaking at the company's shareholder meeting last week, the graphics card company is working on Kai, a low-cost quad-core platform based around the Tegra 3.
Apple's lowest priced iPad is the iPad 2, available for $399 in the US and £329 in the UK.
This story, "Nvidia to Make $199 iPad-Killer Possible" was originally published by Macworld U.K..