It is possible. Most new vehicles have a sensor attached to the transmission that tell the speedometer how fast the vehicle is traveling. I suggest checking, or having the sensor checked first.
Speedometer flat. This may be affecting transmission.
If the speedometer is not working but the odometer is, I would suspect the dash cluster is at fault. If both speedometer and odometer are not working I would suspect the speed sensor on the transmission is at fault.
If the speedometer and the odometer are not working, I would suspect the VSS (vehicle speed sensor). If only the speedometer is not working I would suspect the instrument cluster has problems.
You need to replace the speed sensor. It sends a signal to the speedometer and also sends a signal to the transmission on when it should shift.
Could be your speed sensor on your transmission
check your speedometer sensor located back left of engine bay on top of the transmission
Speedometer cable (most common) Speedometer head Gear on transmission end of speedometer cable
If both the speedometer and odometer stopped working it is probably the speed sensor in the transmission gone bad. If only the speedometer quit you may have to replace the dash cluster with a reconditioned unit.
check speedometer cable for possible disconnection; it comes out of firewall and goes to transmission
Have your mechanic check the speedometer cable connections. They no longer use a cable. It is electronic. If the speedometer is not working but the odometer is, the problem is in the dash cluster. If both the speedometer and odometer are not working, the speed sensor in the transmission may be at fault.
Your speedometer may have failed, or the speedometer cable that connects to the transmission, or the plastic gear in the transmission may be broken.
Most of the time, the speedometer cable breaks, and you replace it. The best way to find out, is to unscrew it from the transmission, and see if you can pull the cable out from the casing. If it checks out to be good, then it will be the drive gear inside the transmission, or the speedometer itself.