P0501 means the vehicle speed sensor signal is present but does not fall within the range the ECU expects, or it does not correlate with other inputs such as the ABS wheel speed sensors or engine load. On most modern vehicles the speed signal comes from the ABS wheel speed sensors and is shared over CAN, so this code is often a wiring or ABS sensor issue rather than a dedicated transmission sensor fault.
P0501 is a electrical-related diagnostic trouble code classified as moderate severity. When your vehicle's ECU detects this condition, it stores P0501 and illuminates the check engine light.
