Shorter product life cycles and high product variance nowadays require efficient engineering of products and production systems. Hereby a further challenge is that costs over the entire life cycle of the product and production system are defined early in the process. Existing approaches in literature and practice such as simultaneous engineering and design for manufacturing incorporate aspects of production into product engineering. However, these approaches leave potential for increasing efficiency unused because knowledge from past generations of products, production systems, and business models is not stored and reused in a formalized way and future generations are not considered in the respective current engineering process. This article proposes an approach for integrated product and production engineering across generations and life cycles of products and production systems. This includes the consideration of related business models to successfully establish the products on the market as well as the anticipation of future product and production system characteristics. The presented approach can reduce both development and manufacturing costs as well as time to market and opens the vast technological potential for product design to achieve additional customer benefits. ... mehrThree case studies elaborate on aspects of the proposed approach and present its benefits.