The Radeon RX 6700 XT is built around the company's Navi 22 GPU. In terms of core counts, Navi 22 is effectively a Navi 21 -- the "Big Navi" GPU used on the powerful Radeon RX 6900 XT – chopped in half.
This means it has fewer CUs and Ray Accelerators (40 vs. 80), and half the number of Stream Processors (2,560 vs. 5,120). Other bits of the Navi 22 are not scaled back as much.
The Radeon RX 6700 XT has 96MB of Infinity Cache which is down from 128MB of on the 6900 XT. And the 6700 XT's memory interface is 192-bits wide versus 256-bits on Radeon RX 6800 / 6900 series cards. The 6700 XT also features 12GB of GDDR6 memory (versus 16GB).
AMD priced the Radeon RX 6700 XT at $479. That puts its price higher than the competing GeForce RTX 3060 Ti ($399 MSRP), but lower than the RTX 3070 ($499 MSRP).
To be fair, that is pretty much where the Radeon RX 6700 XT falls in terms of performance with traditional rasterisation. But if you think about ray tracing, the Radeon is behind both of Nvidia's competitive products.
Radeon RX 6700 XT card should be available starting today but it will be sold out by the time you read this.