The function of the Voltage Regulator in Lincoln Mark VII is to safeguard the battery and the electrical tract from high voltages furnished by the alternator, keeping it in a range 13.5 V to 14.5 V. It's able to do this by always checking for the voltage level of the battery and the requirement of the system, and then regulating the current to the alternator's rotor as a result. In case the battery is low this regulator boosts field current and in cases where the battery is fully charged it drops the current to avoid overcharging the battery. In prior models of Lincon Mark VII, there were mechanical voltage regulators mounted externally and they employed coils and contact points which depreciated time and often fail. These were replaced later by electronic, solid-state voltage regulators that are much more efficient and open and close far faster than the mechanical ones. With time, additional regulators were introduced into the alternator, now it is the Powertrain Control Module (PCM) that regulates the voltage output of the alternator bearing in mind the state of the battery, for instance, its temperature, and load on the car's engine among other factors.
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