that "looks" like it would be mechanical.
If you were aware, the way the mechancal works is if the voltage is low (say below 13.5VDC) the altinator goes to full charge. once the voltage reaches say 14.0VDC, the regulator steps the altinator to half charge. so the relay inside that does the switch cycle rate depends on the electrical load, if there is a little, the cycle rate is with more half output. if heavy load there is more full output.
from a control engineer perspective, this is the same as the modern digital controled regulators with "pulse width modulation". However that design uses capacitors to "smooth out the steps from high to low to provide a more anolog type like the in between transistor design
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