The error code P0407 means that the Engine Control Module (ECM) has detected a low voltage signal from the Exhaust Gas Recirculation (EGR) valve position sensor, labeled as "Sensor B". This sensor tells the ECM how open or closed the EGR valve is. If the signal is too low, the system triggers this code.
The EGR system helps reduce harmful emissions by returning part of the exhaust gases into the intake to lower combustion temperatures.