"MyKey can help promote safer driving, particularly among teens, by encouraging seat belt use, limiting speed and reducing distractions," said Susan Cischke, a Ford group vice president, in a statement.

The company did not disclose what kind of chip has been installed in the key.

Ford reported that it sponsored a survey, in which 50% of parents of teenage drivers said they would be more willing to let their teens use a family car if it had the new technology. However, on the other side of the coin, 67% of teenagers said they wouldn't want to use MyKey, though that number dropped to 36% if it meant they wouldn't be allowed to drive otherwise.

The new technology also is slated to become a standard feature in other Ford, Lincoln and Mercury models, but the company did not specify which ones or how soon it would happen.