Following Toyota's decision to axe its F1 programme at the start of last month, it has been confirmed that 500 of its employees at its Cologne-based F1 factory have been made redundant.

According to reports by German news agency, DPA, the affected employees will receive partial salaries for up to 12 months, in addition to getting redundancy payments and re-training benefits.

The remaining 150 will shift to working on other projects, primarily focusing on road cars and other racing championships.

Toyota, which made its debut in F1 debut in 2002, blamed the economic downturn for its withdrawal.