The automotive industry is embracing digital transformation, with trends like electric mobility leading the way. However, how will we efficiently and sustainably develop our electrified vehicles in the future? Agile customer demands, which require shorter product development cycles, pose a challenge for the automotive supplier industry. One approach to address this challenge is the adoption of Model Based Systems Engineering (MBSE) and Digital Twins (DT) for product digitalization and virtualization. MBSE supports product development from inception to the entire product lifecycle by continuously describing the system based on a system model. DTs, which are virtual representations of physical products/systems, capture both behavior and lifespan through simulation models and workflows. The complexity of DTs will highly increase due to multi-physical interactions, requiring consistency and traceability for the cross-domain development as well as application of simulation models and workflows in virtual testing and product approvals. The foundation lies in calibrated, verified, and validated simulation models, as well as reproducible simulation workflows, with capabilities that include uncertainty assessments. Processes and methods are necessary to manage complexity, ensure systematic validation, and efficiently develop DTs. Current approaches often overlook how DTs should be specified, designed, tested, and standardized. This research highlights the advantages of introducing a V-model and MBSE for DT development within the context of digital engineering. These measures can enhance the efficiency, reusability, quality, and automation of DTs.