Ford filed a patent application for an odor-removal process. Ford's solution was to bake the smell out by parking the car in the sun, rolling down the windows and firing up the engine, heater and fan until the smell is gone.
The famous smell is caused by volatile organic compounds given off by leather, plastic and vinyl.
Chemicals used to attach and seal car parts may also contribute to the odor.
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Article
https://www.sciencedirect.com/science/article/pii/S2666386423001431#fig1