Hewlett Packard unwrapped a new laptop that can be converted into a tablet at the Mobile World Congress in Spain. The new device is uncannily similar to Lenovo's line of Yoga convertible ultrabooks.

The main selling point of the HP Pavilion X360 is its 11.6-inch touch display and its 360-degree hinge that will allow users on the go to use it for work or for pleasure. The big punch against its competitor is its price, pegged at just $399 against Lenovo's similar product going for around $1,000.

"Customers have told us they want a single device that is designed to work and play the way they do, at an affordable price. The HP Pavilion x360 is perfect for today's busy lifestyles. Its  360-degree hinge allows multitaskers to easily transition from laptop to tent to tablet. It's the laptop that doesn't make you miss your tablet and the tablet that doesn't make you miss your laptop-all at a price that is similar to an entry-level notebook," said senior vice president for consumer PC and solutions group at HP Ron Coughlin.

Running on Windows 8, the Pavilion X360 depends on either a quad-core Intel Pentium N3520 chip clocking in at  2.17 GHz or an N2820 processor that is a pace slower at 2.13 GHz. The chipset will work with either a set of 4GB or 8GB DDR3L SDRAM. It tips the scale at 3.08lbs and measures 0.86 x 12.12 x 8.46 inches (height x width x depth).

"Customers can relax on the couch and use the HP Pavilion x360 to watch movies or video chat in stand mode without having the keyboard get in the way. In tent mode, customers can play games, browse photos and share their screen with friends in a more collaborative way. By transitioning the device's 360-degree hinge all the way into tablet mode, customers can browse social networks or read books on the go," HP described how the latest member of its laptop line works.

Just like other notebooks, it comes with a not so potent Intel HD Graphics plus other basic features such as a front-facing high-definition webcam and a dual speaker tweaked with Beats Audio.

The Pavilion X360 will be available initially in two colors -- Brilliant Red and Smoke Silver. The red version will be available in the U.S. starting Feb. 26.

While it cannot do a cat-cow stretch, downward facing dog or mountain pose, the Pavilion X360 offers millennials an affordable alternative to expensive, high-end devices. Lenovo and its Yoga ultrabook might have found a formidable competitor.

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