Sinomach Automobile Co., Ltd., a large-scale, comprehensive auto service subsidiary of China National Machinery Industry Corporation (Sinomach), plans to set up a new-energy vehicle company in partnership with Sinomach Capital Holdings Ltd., CMC International Tendering Corp., China National Electric Apparatus Research Institute and other social capital, the company said in a statement on Tuesday. 

It will invest 320 million yuan (46.4 million US dollars) in the new entity, expected to hold 40 percent stake. 

The new company is designed to produce 100,000 new-energy vehicles a year.

Email: lansuying@nbd.com.cn