Yes, the drive cable has failed. You want to ascertain the missing part of the cable isn't still lodged in the speedo drive. Lots of members on here have gone to electronic pick-up speedos and may still have a cable unit they no longer need, so post your need in the classifieds. Used ones go for around $16 Avg. deliv. on EBay. Spiegler (IIRC) sells quality units too.
