A camera module (10) for a vision system of a vehicle includes a circuit element (12), a lens mounting element (14b, 14c), a lens assembly (14) and an outer shell or cover portion (16). The circuit element includes an imaging sensor and associated circuitry (12a). The lens assembly includes at least one optical element (14a) and the lens mounting element (14b, 14c) is attached to the circuit element (12) so as to provide an optical path through the optical element to the imaging sensor at the circuit element. The outer shell (16) is molded over and around the circuit element during a molding process to substantially encapsulate the circuit element within the outer shell. The module and method of making the module thus may substantially seal the circuit element within the overmolded outer shell to protect the circuit element from exposure to the elements. .