According to a Bloomberg News report, Apple’s near-term product roadmap includes the next-gen Apple Watch Ultra (perhaps called Apple Watch Ultra Series 2).

A new Apple Watch Ultra, as well as two sizes of the next-generation Apple Watch 9, are also expected, according to the report.
Previous rumors had us thinking the follow-up to the Apple Watch Ultra wouldn’t see the light of day until 2024 but that may not be the case. Unfortunately, Gurman has no information besides the fact a) the product exists and is coming and b) it’s codenamed N210. Still, that shouldn’t stop Ultra fans from getting excited about what the new product will bring to the table.
The Apple Watch Ultra already boasts the largest screen and longest battery life of any of the best Apple Watches as well as a customizable action button and unique features like a safety siren. But that’s not to say improvements can’t be made.
[I]t’s possible Apple will look to increase the performance with a processor bump. The current Ultra runs on a S8 SiP with a 64-bit dual-core processor as well as Apple’s W3 and U1 chips. Since Apple has introduced new Watch processors every year since the first generation model, this would seem like a sensible bet.
MacDailyNews Take: Makes sense to have a new Ultra every year, just as there are new iPhone Pro models every year.
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