A modular product architecture is a strategic means to deliver external variety and internal commonality. In this paper, we propose a new clustering-based method for product modularization that integrates product complexity and company business strategies. The proposed method is logically verified by a studied industrial case, where the architecture of a heavy truck driveline is analyzed in terms of how it has evolved over a couple of decades, due to changed business strategies and the evolution of new technology. The presented case indicates that the new methodology is capable of identifying and proposing reasonable module candidates that address product complexity as well as company-specific strategies. Furthermore, the case study clearly shows that the business strategic reasons for a specific architecture can be found by analyzing how sensitive the clusters are to changes in the module drivers (MD).