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.