The Nikon 1 V2 has been designed "a bit more toward enthusiasts" while still containing "the cornerstones of the Nikon 1 system", says Nikon. It features a 14.2-megapixel CX CMOS sensor and offers a sensitivity range of ISO 160 to ISO 6400.

Speaking at a press conference held ahead of the official announcement, Simon Iddon, product manager for Nikon 1 at Nikon UK, claims the improved shutter light and speed has now made the camera "the fastest in the world".

"In terms of the frame per second, we've increased it to 15 frames per second, with continuous autofocus," which means the camera can process up to 850 megapixels per second.

The advanced hybrid autofocus system features fast phase-detection autofocus for high-speed movement, as well as contrast detect autofocus for catching details in low light – features that were first introduced in the V1 camera. "The sensor instantly switches between the 73 phase-detection focus areas and the 135 contrast-detect focus areas depending on the scene," says Nikon.

Iddon adds that the Nikon 1 V2 will include new shooting modes such as live image control. "You can see on the screen changes in things like sharpness, shutter speed, image capture, and you can actually review the picture and decide on the setting you want," he says. Nikon has also added a slow-view mode, which captures up to 40 full-resolution continuous shots and simultaneously displays them in slow motion on the LCD screen, allowing users to select the exact moment they want to keep.

The V2, which also features a 1,440,000-dot electronic viewfinder and an in-built flash, will be available from 22 November, retailing from £800.

The Nikon V2 can be used with the newly announced Speedlight SB-N7 flash unit, with a guide number of 18/59 and a flash head that tilts up to 120°. The Speedlight will retail on 31 January at a retail price of £150.

Nikon has also teased the development of three new 1 Nikkor lenses, which will be released early next year. The first is a 32mm f/1.2 medium-telephoto fixed focal length lens, which features a fast maximum aperture. Nikon is also developing a 6.7-13mm f/3.5-5.6 ultra wide-angle zoom lens, which is equipped with vibration-reduction technology and will be the first 1 Nikkor lens to offer a 100° angle of view. Finally, Nikon will introduce a 10-100mm f/4-4.6 compact and lightweight 10x zoom lens.