Correct. It’s Bayrische Motoren Werke which translates to Bavarian Motor Factories or maybe Bavarian Motor Workshops.

The German Werk has several meanings:

1. The process of work/the work itself needed to finish a specific task.
2. A specific action. E.g. used to imply someone did $thing
3. A specific thing that was produced by someone (e.g. a piece of art) or even someone’s lifeworks as a whole.
4. A factory or industrial complex BUT ALSO depending on context the workers on said factory/complex.