Tesla (NASDAQ:TSLA) began a “voluntary programme” for employee reduction in Germany, hoping to reduce its workforce there by 400.

It’s just the latest bad news for the company, which reports earnings after the bell today, April 23. Analysts will be listening closely to the conference call, hoping CEO Elon Musk can turn things around.

TSLA stock fell 3.5% on April 22 but rebounded slightly before the market opened this morning. It was trading at about $142.50, a market capitalization of about $453 billion.

Saving Elon

Tesla can quickly reduce its U.S. employment, but European laws make it harder in Germany. The cuts there are just another indication that Tesla’s problems are existential and global.

Worse than the job cuts is the impression of confusion at the top of the company. After finally giving in to the idea of advertising, Musk is now cutting his marketing team. Bloomberg reports he wanted to reduce headcount by 20%, twice what was finally announced.

Critics are calling today a “day of reckoning” for the company. Canceling a low-cost Model 2 in favor of a high-risk robotaxi has Musk bunkering down in what he calls “wartime mode.”

Tesla is certainly a battlefield stock. Bulls predict it will reach $2,000 per share, while bears see it falling below $100.

Even a fall to $100/share would leave Tesla with a market cap above that of Toyota (NYSE:TM). Toyota’s hybrid-first strategy has gained the market’s favor this year. But even bearish analysts are calling $100 a signal to buy.

TSLA Stock: What Happens Next?

As Bette Davis said in All About Eve: “Fasten your seat belts. It’s going to be a bumpy night.”

Either the bulls or the bears are going to be very wrong tomorrow. My best advice is that you get some popcorn.

On the date of publication, Dana Blankenhorn did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.