BENGALURU, May 16 (Reuters) - Indian automaker Mahindra & Mahindra (MAHM.NS) New Tab, opens new tab is closely looking at hybrid technology, its managing director said on Thursday, adding that the company's focus remains on electric vehicles (EVs).

"If it's (hybrids) required, we'll be ready for that. If there are significant changes in hybrid tech that cause it to be much more like an EV, then that's something we'll move into much faster," MD Anish Shah said in a post-earnings press conference.

Automakers are increasingly diversifying their strategy to look beyond EVs, and Shah's comments come less than a month after Reuters reported that the Hyundai Motor Group plans to launch its first hybrid cars in India as early as 2026.

Hybrids - which use a gasoline powertrain and electric motor - and EVs contributed 2% each to overall passenger vehicle sales in India in fiscal year 2024.

Mahindra is India's third-biggest EV maker after market leader Tata Motors (TAMO.NS) New Tab, opens new tab and MG Motor India. It currently sells just a single EV model, the XUV400, and is slated to launch a new range of EVs next year.

"At this point in time, we feel good about the focus on EVs," Shah said.

Local carmakers currently do not offer competitive hybrid cars in the country, and the segment is dominated by Japanese rivals like Toyota Motor (7203.T) New Tab, opens new tab.

Earlier in the day, Mahindra said it would invest 120 billion rupees ($1.44 billion) in its EV unit, while also topping quarterly profit estimates on steady sales of its sports utility vehicles (SUVs).

The company also said it will sell some assets associated with its EV car business to its electric unit, Mahindra Electric Automobile, for 7.96 billion rupees.

Shares of the company rose as much as 4% to a record high, before closing down at 3%.

($1 = 83.4873 Indian rupees)

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https://www.reuters.com/business/autos-transportation/indias-mahindra-mahindras-q4-profit-beats-estimates-2024-05-16/