It will be the first aircraft in a new generation of Boeing A320neo family of jets, the company says.
The new A320s, which the US government says are “the safest and most versatile” aircraft ever built, will be able to carry as many as 1,200 passengers.
Airbus has already said the plane is the “most advanced” aircraft in its fleet.
“The new A330 will become the backbone of the future aviation industry,” CEO Jens-Christian Ströbele said.
“The A330 is a remarkable new design, and we are excited to unveil this milestone to Airbus customers today.”
The company also said the new A340 will be “the next generation of the A330neo.”
The new plane, which will be named after the German city of Cologne, will take off from the German state of North Rhine-Westphalia (NRW) and enter service in 2019.
The A320, which was unveiled on November 18, is a new breed of aircraft that combines a large, low-cost airliner with a wide range of functions and capabilities, such as cruise control, air traffic control, and flight management.
Its first passenger, a high school student, took off in June 2016, making it the first A320 to fly on a commercial flight.
The plane will have up to 800 seats, and is capable of flying to destinations as far away as Europe, South America and Australia.
It will also be able go from 0-60 mph in just 3.6 seconds.
The A340 has been the subject of a number of controversies since its unveiling, including a report from the Federal Aviation Administration (FAA) in which they warned that the plane’s performance could be compromised by high-speed turbulence.
Last week, the FAA said the Airbus A340 could have problems handling turbulence in low-level winds, a claim denied by the company.
At the time, Airbus said the report was inaccurate and that the A340s winglets “would not cause damage” to the aircraft.
After its announcement, Ströbel said Airbus would continue to invest in the plane and that it was the “next great innovation in aerospace”.
“It is the most advanced aircraft in our fleet,” he said.
According to Airbus, the A320 will be one of only a few new jets in its family that will be designed and built in Germany.
Airbus said it would build up to two A320es a year and “have 100-percent customer satisfaction”.
Airbus has been in negotiations with US officials over the future of the Boeing-built 777-200, but those talks have yet to conclude.
A number of airlines have previously expressed interest in the 737 MAX, the successor to the 777-300ER.
Airbus is also working on the A350, which is scheduled to be introduced in 2019, and has plans to launch the A380.