P0470 means the engine computer has found an electrical fault in the circuit of exhaust pressure sensor "A": the signal is missing, stuck or outside what the circuit can produce. What sensor "A" measures depends on the engine: on many diesels it is an exhaust back pressure sensor before the turbo or before the particulate filter, and on many Volkswagen group TDIs the sensor Volkswagen calls exhaust pressure sensor 1 is the DPF differential pressure sensor, the part that tells the engine how full of soot the filter is. The usual causes are the sensor itself, its wiring or connector, or a missing 5 V supply; the exhaust and the filter are usually fine.
P0470 is a emissions-related diagnostic trouble code classified as moderate severity. When your vehicle's ECU detects this condition, it stores P0470 and illuminates the check engine light.
