Ford and Ferrari have settled their dispute over the use of the F150 name.

8681 - Ferrari and Ford settle F150 dispute
Same name, very different products

Ferrari launched its latest Formula One car under the F150 designation earlier this year in celebration of the 150th anniversary of Italy's unification. But Ford, which uses the same name on its best-selling pick-up truck, filed a lawsuit against the F1 team saying it had suffered irreparable harm to its F-150 trademark.

Ferrari quickly reacted by referring to its car as the F150th Italia, which it said was the full name of the single seater all along.

On Thursday a settlement was reached between the two parties in the US District Court in Detroit, with the local press reporting that there were no details listed in the notice of Ford dismissing the case.

"We are pleased we were able resolve this issue amicably," a Ford spokeswoman told The Detroit News. "This resolution ensures that Ford's famous and distinctive F-150 trademark will be protected."