The slip light can indicate a couple of things:
1. The Prius has detected that the tires are slipping on the road surface and one or more of the safety devices has engaged (Traction Control, ABS, etc.).
2. Vehicle stability control has activated (this happens only during turns and is accompanied by a chime).
If the light goes on and off a lot it means you're driving too fast for conditions or your tires need replacing because they're worn out.
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