Drivable short-term, but fix now to avoid damage.
This code means the transmission control module is receiving no signal at all from the output speed sensor, so it has no data on output shaft speed. It usually comes from a failed sensor, a broken wire, a corroded connector, or a loose plug. Repairs typically involve checking the circuit and replacing the sensor, and it's often fixable without opening up the transmission.
$150 – $450
Varies by vehicle and root cause.
Only for a short distance if you must. With no speed signal the transmission may stay in limp mode and shift unpredictably, so get it inspected right away to stay safe.
Most repairs cost between $150 and $450, mainly for the sensor and any wiring or connector repairs. Module-related issues can push the cost higher.
Yes, it should be taken seriously. A complete loss of signal usually forces limp mode and affects safe shifting, so it needs prompt attention.
The same output speed sensor often feeds the speedometer, so when it sends no signal the speedometer typically reads zero or stops moving altogether.