According to CX-5 owners manual:
(Red) (Flashing) KEY Warning Light:
- The key battery is dead. Replace the key battery.
- The key is not within the operation range. Bring the key into the operation range.
- The key is placed in areas inside the cabin where it is difficult for the key to be detected.
- A key from another manufacturer similar to the key is in the operation range. Take the key from another manufacturer similar to the key out of the operation range.
- Without the ignition switched off, the key is taken out of the cabin, and then all the doors are closed. Bring the key back into the cabin.
Do you have spare key fob? Does it also have same blinking light problem?