P0503 means the vehicle speed sensor signal is intermittent or shows sudden unrealistic jumps. The ECU compares the speed signal against other inputs such as engine RPM, gear position, and the other wheel speed sensors, and sets P0503 when it sees a value that simply cannot be physically correct, such as a jump from 40 km/h to 200 km/h in a fraction of a second.
P0503 is a electrical-related diagnostic trouble code classified as moderate severity. When your vehicle's ECU detects this condition, it stores P0503 and illuminates the check engine light.
