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Do modifications and later variants of the AK-47 no longer make it an AK-47?
Of course not. They have their own names such as AK-74, AK-103, AK-105, etc. and the latest version is AK-12. Why would people call AK-12 AK-47 which is far more outdated than AK-12?
'AK' stands for 'Automatic Kalashinikov' and 'Mikhail Kalashinikov' was the Russian general who designed the rifle.
According to the production history of the linked Wikipedia page on AK-47, AK-47 is still being produced.