Fitbit is launching a cheaper version of its popular Versa smartwatch — and it costs less than half as much as the latest Apple Watch (FIT)

• Fitbit unveiled the Versa Lite on Wednesday, a less expensive version of its flagship smartwatch.
• The Fitbit Versa Lite launches in mid-March and is available for preorder starting Wednesday.

At roughly $200, Fitbit's Versa smartwatch already costs about half the price of an Apple Watch Series 4, which starts at $399.

Now, the company is introducing an even less expensive option for smartwatch shoppers in its Fitbit Versa Lite Edition, which costs $159.95 and will be available in mid-March.

Here's what the Versa Lite Edition can do, and how it compares to the standard Versa smartwatch. 

The Versa Lite Edition inherits many of the same features as its pricier predecessor, the Fitbit Versa.

The Fitbit Versa Lite can automatically track activity, supports more than 15 exercise modes, includes Fitbit's PurePulse heart rate sensor and an SpO2 sensor for estimating changes in blood oxygen levels. It also supports connected GPS, which relies on sensors in your smartphone to track your location. The watch is swim-proof and should last for more than four days on a single charge. 

The new watch can monitor sleep, like the standard Fitbit Versa.

The Versa Lite will also be able to detect Sleep Stages, a feature Fitbit launched in 2017 that can tell wearers how much time they spent in light, deep, and REM sleep.

The Versa Lite has several non-health-oriented smartwatch features, too.

The Versa Lite Edition is capable of displaying smartphone notifications when your device is nearby, like the standard Versa. Android users can also respond to text messages straight from the watch. 

The Versa Lite Edition will also come in a few new color options: white, lilac, blue, and mulberry, while the Versa is available in black, rose gold, and silver.