(It’s located underneath, not far behind the front wheel on the driver’s side)
The valve allows warm air from the exhaust to be used to aid combustion in cold weather, by directing it back into the air filter.
Set it to “Winter” when the ambient temperature is below 15°C (59°F).
Set it to “Summer” when the ambient temperature is above 15°C (59°F).
Ensure the lever is at one or the other settings, otherwise the flap will wear faster.