The vibration response of a component or system can be predicted using the finite element method after ensuring numerical models represent realistic behaviour of the actual system under study. One of the methods to build high-fidelity finite element models is through a model updating procedure. In this work, a novel model updating method of deep-drawn components is demonstrated. Since the component is manufactured with a high draw ratio, significant deviations in both profile and thickness distributions occurred in the manufacturing process. A conventional model updating, involving Young's modulus, density and damping ratios, does not lead to a satisfactory match between simulated and experimental results. Hence a new model updating process is proposed, where geometry shape variables are incorporated, by carrying out morphing of the finite element model. This morphing process imitates the changes that occurred during the deep drawing process. An optimization procedure that uses the Global Response Surface Method (GRSM) algorithm to maximize diagonal terms of the Modal Assurance Criterion (MAC) matrix is presented. This optimization results in a more accurate finite element model. The advantage of the proposed methodology is that the CAD surface of the updated finite element model can be readily obtained after optimization. This CAD model can be used for carrying out analysis, as it represents the manufactured part more accurately. Hence, simulations performed using this updated model with an accurate geometry, will therefore yield more reliable results.