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MILAN -- Fiat SpA, Italy's largest manufacturer, said Friday its third-quarter net loss narrowed as the company sold its aerospace unit and introduced new models including the Panda small car.

Fiat said its net loss narrowed to $98 million , or 84 million euros down from 413 million euros in the same period last year. The median forecast of analysts polled by Bloomberg News was a net loss of 120 million euros. Sales fell to 9.8 billion euros from 11.9 billion euros in the year-earlier period.

Fiat Chief Executive Giuseppe Morchio, 55, is investing 10 billion euros to rescue the Fiat Auto unit after selling assets and shares as well as cutting jobs since he took over in March. He hired Herbert Demel, who turned around Volkswagen's luxury Audi unit, to run the car business, which has lost 1.9 billion euros in two years.

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