Testing software for defects exhaustively remains a computationally intensive problem. Therefore, deciding when to stop the test of a software product is one of the main issues in software engineering. Introducing fewer defects, detecting defects earlier in the development process and reducing the time to delivery are the primary objectives of software organizations. In particular, we have been working to address this problem within the realm of the automotive suppliers of car-embedded electronic modules and have developed case research with Johnson Controls. In this paper, we describe our approach to automatically generate test cases for a software product and develop the details of our objective and constraint functions for optimizing the test generation. It is based on a compromise between the structural and functional formal coverage and the cost of the generated tests. Finally, we propose a plan to validate and monitor the new software testing process.