General Motors reported a 2006 net loss of $2.0 billion, or $3.50 per share Wednesday morning. Still a loss, yes, but vastly improved from '05's loss of $10.4 billion (adjusted by $0.2 billion to GM's favor, versus the adjusted loss it reported a year ago).

And GM posted net income in the fourth quarter of '06, of $180 million.

The numbers back this up: GM is recovering, but it's not back to full health. GM made $422 million on cars and trucks globally last year ($228 million in the fourth quarter). It lost $14 million on cars and trucks in North America in the fourth quarter, and lost a total of $779 million here for the year. Blame that on vast cuts in its deliveries to daily rental fleets combined with the costs of launching several major new models. GM North America (GMNA) built 207,000 fewer vehicles in '06 versus '05....