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My understanding is that the sensor is a dumb sensor. Based on the battery voltage [with alternator providing the boost].
When the sun beats down on the sensor, it heats up and gives higher temperature reading. As the vehicle moves, the air helps brings down the sensor to the air temperature.
We have discussed the accuracy issue in the past and the general consensus is, it is not accurate. Although mine matches up at about 64F.
I have to agree with salimshah, mine always reads high at first, but is usually more accurate after the car has been moving for a few minutes. Mine is usually pretty accurate to within a degree or two.