BUDAPEST - Nissan Group has reached an agreement in court with its former distributor in Hungary, Novotrade.
The companies had sued each other, and Nissan had begun using a new distributor.
The agreement arbitrated in Amsterdam settles Novotrade's $17.5 million suit against Nissan and Nissan's $9.3 million suit against Novotrade.
Nissan's new Hungarian distributor, Summit Motors Hungary Rt sold 2,977 vehicles last year. That is nearly double the 1996 total of 1,503 vehicles. A total of 1,448 cars and 1,502 commercial vehicles were sold.
The most popular car was the Almera, which accounted for nearly half car sales.
Summit Motors also established its own finance company, Summit Penzugyi, to offer preferential financing schemes to Nissan buyers. Summit Motors is wholly owned by the Japanese Sumimoto trading house.