Parents all over the US are welcoming the prospect of a new system which will enable them to control the speed at which their teenage kids can drive their car.

U.S. car manufacturers Ford have announced plans to launch an innovatory computer chip which will be placed in the ignition key of cars and will give parents the ability to impose a speed limit when their teenage children are driving their cars.

The MyKey chip will not only regulate the speed of a car but also the volume of the CD and radio player, as well as informing the parents by means of an alarm if the driver is not using a seatbelt.

By the year 2010 Ford intend to have the system installed on many of their U.S. models and aim to have MyKey available in every model as they become upgraded.

The legal age for driving in America is just 16 and alarming statistics reveal that more than 5,000 teenagers die in speed-related car crashes every year. After a market research survey conducted by Ford, it therefore comes as little surprise that 75% of parents have expressed approval for the new system – and as equally predictable that 67% of teenagers disapprove.

Ford’s plans to initiate the MyKey system in other countries have not yet been announced.  

Gabrielle Pickard for RT