Tesla (TSLA) CEO Elon Musk said he expects the electric carmaker's shares to surpass the combined value of Apple (AAPL) and Saudi Aramco.

The EV manufacturer on Wednesday reported its third-quarter results. Tesla exceeded the earnings forecast, but under-performed on revenue -- a first for the company since the third quarter of last year.

"Now I'm of the opinion that we can far exceed Apple's current market cap. I see a path for Tesla to be worth more than Apple and Saudi Aramco combined," Musk said on the earnings call Wednesday.

In the last quarter, demand was a "little harder than it would otherwise be," Musk added, citing the China and Europe markets.

Following Wednesday's results and shaky auto demand, several analysts lowered the price target on the company. The average target on the company now stands at $298, Bloomberg reported.

"We remain cautious on valuation, particularly in the context of lofty unit volume growth expectations, and continue to see material downside risk to our December 2023 price target," JPMorgan analyst Ryan Brinkman said in a note.

With investors wary after third-quarter results, Musk has made efforts to quell concerns. On Wednesday, he said he expects the company to be valued at five times its current position.

Even as he bets on the company's future and invites investors to buy in, Musk is reportedly selling a sizeable portion of his 155 million shares, CNN noted. The massive share dump comes as Musk seeks to finalize his $44 billion purchase of Twitter.

Tesla, which previously had a brief valuation above one trillion, currently has a market capitalization of over $680 billion, according to Yahoo Finance. Apple and Saudi Aramco meanwhile, stand at $2.3 trillion and $2.1 trillion, respectively.

Shares of Tesla closed Thursday at $207.28, down $14.76, or 6.65%. Shares of Apple closed at $143.39, down $0.47, or 0.33%.

Tesla Elon musk