BMW will increase its investment and add battery production to its EV manufacturing site in Hungary.

In the last year, BMW's EV portfolio and production have expanded quickly, and they don't have any intentions to slow down.

A new EV production facility in Hungary will get a $ 2.08 billion investment from the German company.

BMW will also spend an additional $ 500 million to construct a battery assembly line there.

BMW intended to build a plant in Hungary that would cost just over $1 billion and produce 150,000 cars a year.

The facility's increased production capacity is unknown given that it will now be producing battery cells.

Tesla has joined the luxury automobile market, costing BMW customers.

Tesla competes in a similar price range, serves a comparable customer, and for a long, BMW's electric vehicle rivals were nonexistent.