London (CNN Business) Airbus will stop making the A380, pulling the plug on its iconic superjumbo jet that once promised to revolutionize commercial air travel but failed to deliver on outsized expectations.

The European plane maker said Thursday that it will stop delivering A380s in 2021 after its key customer, Dubai-based airline Emirates, slashed its orders for the world's largest airliner.

"It's a painful decision," Airbus CEO Tom Enders said during a conference call with analysts. "We've invested a lot of effort, a lot of resources and a lot of sweat into this aircraft."

"But obviously we need to be realistic," he added. "With the decision of Emirates to reduce orders, our order backlog is not sufficient to sustain production."

The decision could hit as many as 3,500 jobs at the manufacturer, whose operations span four major European countries, over the next three years.

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