A major challenge for the European electronic industry is to enhance productivity by ensuring quality of development, integration and maintenance while reducing the associated costs. Model-Driven Engineering (MDE) principles and techniques have already shown promising capabilities, but they still need to scale up to support real-world scenarios implied by the full deployment and use of complex electronic components and systems. Moreover, maintaining efficient traceability, integration, and communication between two fundamental system life cycle phases (design time and runtime) is another challenge requiring the scalability of MDE. This paper presents an overview of the ECSEL 1 project entitled MegaModelling at runtime: Scalable model-based framework for continuous development and runtime validation of complex systems (MegaM@Rt2), whose aim is to address the above mentioned challenges facing MDE. Driven by both large and small industrial enterprises, with the support of research partners and technology providers, MegaM@Rt2 aims to deliver a framework of tools and methods for: 1) system engineering/design and continuous development, 2) related runtime analysis and 3) global models and traceability management. Diverse industrial use cases (covering strategic domains such as aeronautics, railway, construction and telecommunications) will integrate and demonstrate the validity of the MegaM@Rt2 solution. This paper provides an overview of the MegaM@Rt2 project with respect to its approach, mission, objectives as well as to its implementation details. It further introduces the consortium as well as describes the work packages and few already produced deliverables.