Airbus SE is halting production of the A380 superjumbo plane, abandoning the $16 billion project after airlines around the world flocked to smaller, nimbler jets for long-range travel.

The A380 was the European company’s answer to Boeing Co.’s 747, which brought long-haul travel to the masses and was the undisputed queen of the skies for decades. The Airbus superjumbo, which first went into service in 2007, represented a future for long-distance commercial aviation based on big jets, shuttling between major hubs.

Passengers...