Distinguish between speed and velocity

Question arises in our mind what is speed?

Speed is basically how fast the object is moving. If object covers more distance
relative to time if means object moving with faster speed. Speed is Scalar quantity,
because speed never tells us directions. For example object is moving with a speed
of 50km/hr. Speed is just magnitude.

Velocity: velocity is also basically how much faster the object is moving but it also
specifies the direction. So Velocity is vector quantity. For example object is moving
with velocity 50km/hr in North direction. Velocity is not just magnitude tells us
direction as well.
Lets take an example of any vehicle. Have you ever seen every vehicle has a
speedometer it shows how much faster the car is moving?. It will tell us the
speed. If I will mention the direction with this then this became velocity.