In technology intense markets, developing multiple-generation product lines (MGPLs) has been a mainstream tactic for companies in recent years. As technologies evolve over time, the decision making regarding multiple-generation product lines becomes even more complicated. When forming multiple-generation product strategies, companies need to not only consider their market statuses, but also keep an eye on the latest technological changes with impacts to the product lines in order to maintain their market positions and the competitiveness of product offerings. In this study, we propose a new framework applying a dynamic state variable model to a multiple-generation product line with a single evolving technology. The evolution of the technology is formulated with the Fisher-Pry model and taken into account within the dynamic state variable model. An illustrative case study implementing the proposed framework on Apple iPhone multiple-generation product line is provided to see how technology evolution would impact the product introduction timing decisions.