US President Donald Trump has said that any potential plans of the EV maker to build a factory in India, to circumvent that country's tariffs, would be 'very unfair'.

Tesla’s financial tale, however, has taken a turn since Trump took the oath of office with Tesla stock down over 17% since Jan. 21, as of midday Friday. Just weeks before the inauguration, Tesla reported the first full-year drop in global sales in its history as a public company, according to a report from CNN.

Tesla has started recruiting in India shortly after Elon Musk's meeting with PM Modi. The company is focusing on establishing a stronger footprint in the Indian market.

Tesla tried to enter India before too. However, the company pulled back from it over issues like high tariff rates. Its plans advanced quickly after Prime Minister Narendra Modi met with Chief Executive Officer Elon Musk last week in Washington,

Elon Musk's Tesla is looking to hire senior staff in India, job advertisements posted this week showed, signalling progress in the electric vehicle maker's plans to enter the world's third-biggest auto market.

Tesla is ramping up its India expansion with plans for showrooms in Mumbai and New Delhi, along with a new recruitment drive. But former U.S. President Donald Trump has called Tesla's potential factory in India "unfair" to the United States,

Mahindra Group Chairman Anand Mahindra has expressed confidence in his company’s ability to compete with Tesla if Elon Musk’s automaker enters the Indian market. According to reports, Tesla is moving closer to its long-awaited Indian debut by shortlisting sites for two shops in Mumbai and New Delhi.