The automobile meaning of the engine P242E Code is a common meaning of the code. Do not use this meaning for solving the car engine problem. The automobile meaning of the engine P242E Code is P for Powertrain Code – Problem is related engine, transmission and emissions systems. 2 for MFG – Manufacturer Specific. 4 for Fuel And Air Metering (Injector Circuit Malfunctions Only) and 2 for Cruise Control Servo Indicates Low. E for TFP Valve Position Switch-Drive Without Drive Ratio. Solving the powertrain problem is very easy but expertise is necessary for fixing the car engine. A test drive is required before finally accepted the car.