The company will invest over €2 billion and is expected to generate more than 500 additional jobs.
The battery assembly will be located on the site of the Debrecen vehicle plant, which started construction about six months ago.
The entire plant is anticipated to be launched by the end of 2025.
"In Debrecen, we are building the most advanced plant in the world. With our iFACTORY, we are setting new industry standards for vehicle production," said Milan Nedeljković, member of the Board of Management of BMW AG, Production.
The new production facility will extend over an area of about 140,000 m².
Price Action: BMWYY shares are trading higher by 0.15% at $29.16 on the last check Friday.
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