Original sentence: It was initially designed as a smaller replacement for early generation Boeing 747's, but the latest variants now compete with Boeing's 777 series of aircraft on long-haul and ultra long-haul routes.The A340-500 is currently the world's longest-range commercial airliner, until the introduction of the Boeing 777-200LR "Worldliner" in early 2006
Edited sentence: It was initially designed as a smaller replacement for early generation Boeing 747's, but the latest variants now try to compete with Boeing's 777 series of aircraft on long-haul and ultra long-haul routes.The A340-500 is currently the second longest-range commercial airliner, behind the Boeing 777-200LR "Worldliner"