Turnaround for Big Three automakers? Not so fast

From CNNMoney.com:

One year ago, the U.S. auto industry faced the worst crisis in its history.

Chrysler Group filed for bankruptcy on April 30, the same week that GM announced a plan that put it on the path toward its own bankruptcy a month later. Ford Motor (F, Fortune 500) had just reported huge losses.

So by comparison, conditions for Detroit's Big Three today represent an almost shocking turnaround.

Ford just reported a profit of $2.1 billion. While GM has yet to report a profit, the company managed to cough up enough cash to make an early repayment of $5.8 billion in loans to the U.S. Treasury.

And Chrysler Group just reported that despite another loss, it is no longer burning through its cash reserves.

But many experts still think it's too soon to call a turnaround in the domestic auto industry.