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News watch June 2012: today's auto industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour Friday 29 June 2012• As predicted, BMW and Toyota today announced the next stage of their cooperation to jointly develop powertrains, lightweight technologies, fuel-cells and future platforms (BMW and Toyota)• Today's announcement follows the initial agreement signed in December 2011; in March 2012, BMW and Toyota signed a binding agreement to work together on lithium-ion battery research and for Munich to supply Toyota with diesel engines from 2014 • Now Toyota and BMW have signed a memorandum of understanding to cooperate on the electrification of car powertrains, research into lightweight technologies, develop fuel-cells and to consider future vehicle architectures – 'for a sports car, for example'• Renault will cut 300 jobs at its Flins plant near Paris, it announced today. The factory builds the Clio and is preparing for the new Zoe ZE too (Automotive News Europe)• Ford has warned its pre-tax operating profit in the second quarter will be 'substantially lower' than before.

Kia Borrego

Kia has released photos of the Borrego, a full-size SUV for the North American market. The production model, which was originally previewed as the Mesa Concept at the 2005 Detroit Auto show, would have taken exactly three years to be transformed from a show car to a full production model when it makes its official debut at the NAIAS in 2008. Overall proportions and design details have been adjusted and toned-down noticeably from the Mesa concept, with details such as more realistically-sized alloy wheels, the body-To-DLO ratio, a no-frills interior and, perhaps most apparent, the more subtle greenhouse graphics.

Petrol price relief for drivers

PETROL PRICE pressure on the purse strings of drivers has eased, according to figures from the AA. They showed that average petrol pump prices in the UK have fallen back to 130.0p a litre having risen to 131.7p a litre at the beginning of July. Motorists are now doing far better than they were a year ago when petrol averaged 137.5p a litre, rising to 138.38p a litre in mid-October 2013.