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Windows 10 – Audio from laptop speakers not working (plugging headphones works just fine)

I have a ThinkPad e508 running Windows 10 Home x64. I have been experiencing these strange issues where there is no audio coming out from the laptop speakers. Plugging in headphones using the headphone jack works fine though. The laptop’s current audio driver is Conexant audio driver 8.66.88.62.

When I try connecting to the faulty laptop through TeamViewer, any sound coming out of it does come to the working computer’s speakers. Does this indicate that the problem is not a Windows setting but perhaps a audio driver issue? Or perhaps a hardware issue with the speakers? Is there a way to debug this and find out where the issue actually originates from?

I have tried all steps from 6 to 10 from the following official Lenovo guide: Lenovo: Fix audio or sound problems in Windows 7, 8, & 10

Any help would be gladly appreciated. I am happy to provide any other information which might be relevant to help resolve this.