When the treadmill console is showing error 01, it means that the console is not getting signals from the motor controller board. This is an indication that the treadmill speed sensor is not reading any speed and no treadmill movement.
When the running belt is not well lubricated, the treadmill may run for few minutes and stop and then it indicates the error code 01. This may be a result of the motor drawing too much power (current) and the motor controller board shuts down (safety shutdown) to stop this overdraw of power (current). solution: Lubricate the running belt well using the treadmill lubrication silicone oil.
Sometimes the treadmill belt maybe warn out and therefore causing a lot of friction which in turn causes the motor to draw too much current making the treadmill to shutdown. replace the treadmill running belt if it is warn out.
Error 01 may also occur their i a damaged component. If there is a burning smell from the motor or from the motor control board that means either the motor is bad or the board id bad. replace the bad components immediately.