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I have a 2002 MCS. When I turn the ignition, the temperature sensor goes straight to red. I have changed the temperature sensor, but I am still having the same issue. Coincidentally, a couple of days later, the problem stopped but returned during a drive yesterday—the car through the code P1612. The RMP gauge no longer works as it should. It jumps on its own, as does the speedometer. The car drives fine; it did make a clicking sound, where it sounded like it went into limp mode, but for a moment, however, there seemed to be no mechanical issue.
I noticed your engine temp is off the chart. That could be an electrical ground issue. According to the schematic, the 7 wires that connect to the tachometer are connected to the speedometer. You'll want to pull the center speedometer and check the wiring between it and the tachometer. I have read on this forum that some have had wiring issues between the center speedometer and the tach; they fixed the problem by piggybacking a new wire.
In my case, my '06 Cooper S tachometer just started acting up. The tach works, but the red (redline) lights and the round LED lights (high beam, cruise control, turn signal, check engine, and brake lights) are intermittently working.
I've pulled the body control module and the fuse panel to look for water intrusion, corrosion, recessed pins etc, but I haven't found any problems. When I put it all back together, the tachometer lights started working again. Then they went out again; today they are working. I've got a Foxwell i80TS diagnostic tool, that I connected and under "active tests" I can turn on all the lights. The tachometer lights work perfectly when activated by the scan tool.