I had the same error code on my Cube, checked the magnet all ok so must be the cable i thought so sent away for one and a crank puller. After receiving both i took the side casing off checked every thing all seemed correct till i pulled at the connector and it pulled out it was not connected only pushed in, it had taken over 3k miles to work it's way out till it disconnected. I pushed the connector in till it clicked and would not pull out, job done. No further problems. It is not always the obvious sometimes, cost me a new cable which i didn't need so that went with the bike to its new owner.Late reply, but I figured I'd leave this here for future reference.
Although the 503 is typically a speed sensor error, there can be a couple of contributing factors that result in the error:
Check Alignment of Speed Sensor and Magnet:
- Ensure the magnet is going over the center of the sensor. Note in @All4Fun's photo that the maximum distance between the magnet and the sensor is 5 - 17mm. However, Bosch advises that the optimum range is less than that, between 8 and 14mm.
- Check alignment of frame. If you have a rear suspension, check links to make sure they are tight and damage free.
- Check alignment of wheel axle.
If you're still getting the error, then it's possible you have a damaged speed sensor or cable and it may be worth picking up a replacement and seeing if that helps.
The World's largest electric mountain bike community.