Yes, the speedo's electric not manual, and yes the needle can be pulled off and stuck back on, but before you do that, I'd check the electrics are all right. Also, it doesn't do that "zipping around to the end when the ignition's turned on" thing.
A simple check to do is to remove it, and carefully inspect the back to see if any of the components show signs of being fried. If you can't be bothered doing that, then there's nothing to risk in shifting the needle, but the question still remains as to why the needle's sitting in the wrong place...
I used to go to Spectrum, mainly for crash repairs....
When they fitted a replacement R/R to my VFR750, (luckily) they did a less than stellar job. As a result, I ended up rewiring the whole charging system. Their fix was OK (worked fine), just not as tidy as it could have been. After the VFR750, I had a VTR1000, and the electrical problems I had were pointing at a faulty R/R, but it was so soon after the VFR's woes, I didn't want to believe it. In the end, I spent nearly two hours waiting in Ponsonby for the AA truck to pick up the bike after I completely drained the battery due to no ergs being pumped into it. Also, because it was so soon after the VFR's R/R replacement, I couldn't be stuffed doing a full charging system rewire again, so contented myself with a new finned R/R remounted where it could get more cooling air. With both bikes, I wasted money replacing supposedly faulty batteries.
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