conceptually similar to what for many years was called overdrive .
At constant speed, especially on fast roads, it allowed you to maintain a high speed without revving the engine too quickly.
The advantage was mainly in fuel consumption. Lower engine revs could mean less fuel demand , as well as a more relaxed ride and reduced noise during long journeys.
It wasn’t an “Economy mode” like those found on modern cars. It was a real gear ratio, selected directly by the driver using the lever.
Why some cars had E instead