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The continuously increasing product complexity on the one side, and the demand to constantly decrease development times and costs on the other, require new development processes in the automotive industry. This paper describes a product development process which, by intensively and systematically applying computer-aided modeling techniques, makes a significant contribution to the management of this tremendous complexity in a cost- and time- efficient manner. The presented process strives for a widespread usage of modeling techniques (such as physical system modeling and simulation, model-based control system design, rapid prototyping, etc.) over all technical domains involved in the product (mechanics, hydraulics, electrics, electronics, software, etc.) as well as over several stages of the product development process.