1967 volkswagon beetle - what does the small red light mean in speedometer panel?

The small red light in the speedometer panel of a 1967 Volkswagen Beetle is called the generator warning light. It illuminates when the ignition is turned on as a check, if it remains on while driving it indicates that there is a problem with the electrical system, specifically indicating issues related to low or improper charging rates and battery issues within the electrical system on the vehicle while the engine/vehicle are in operation - most likely, alternator related.