Tesla employs more than 37,000 workers, and Morgan Stanley believes that figure is beginning to peg the automaker as “too big to fail.”

Adam Jonas, Morgan Stanley’s analyst, drew comparisons to General Motors and Chrysler in a recentĀ CNBC report. Ultimately, the United States government bailed out both automakers as they approached collapse due to their large workforces in the U.S. Without the bailout, significant job losses could have added to the global recession’s carnage.

He noted the majority of Tesla’s workforce resides in the U.S. and said, “Rule of thumb on the economic multiplier says that one auto-related job can support as many as seven other jobs throughout the economy.” Tesla’s employee count is expected to rise to potentially 50,000 over the next two years.

If Tesla were to ever reach the tipping point, its end could cost an enormous amount of jobs. And that’s a tough scenario to swallow when thinking about the carmaker’s operations. Tesla has failed to turn a profit and continuously loses money. In addition, it’s had enormous trouble mass producing the Model 3 sedan.

Jonas also said investorsĀ don’t expect Tesla to reach CEO Elon Musk’s production goal of at least 5,000 cars per week by the end of Q2 2018.

“We don’t expect a 5k/week run-rate to be achieved before late Q4 2018,” he said in the report.

However, a lot rests on Tesla’s performance in the next three months. If Tesla overcomes the production bottlenecks that have plagued it, the company’s stock could rise even further. Though, Jonas warned that poor performance could bring Tesla’s value crashing downward.