Investing.com — Piper Sandler analyst Alexander Potter told investors in a note Tuesday that while BYD has lots of self-driving data, it is still less than Tesla.
The analyst noted that BYD delivered “~480k units sold in November, vs. 442k units in October,” but the company is still “tracking behind our original Q4 estimate.”
As a result, the firm cut its forecast, with a new model that “implies 542k units sold in December,” a jump it views as “feasible, given pre-buy activity ahead of policy changes in January.”
A key focus for Piper Sandler is BYD’s self-driving data. Potter stated that BYD recently disclosed new details following an investor meeting, including that “‘God’s Eye’ driver assistance is installed on 2M+ units as of October” and that “these cars produce 130M km/day of driving data.”
Piper Sandler calls the system “impressive,” but adds: “At best, we think BYD’s platform generates less than half as much data as Tesla’s FSD.”
For comparison, the firm says “Tesla obtains FSD data from ~8M active units,” which, assuming 53 km per day, implies “>400M km/day of driving data” or “closer to 275M km/day” if China units are excluded.
The analysts also highlight BYD’s global expansion push. Piper Sandler notes the company “now has business on six continents, in 110 different countries,” with Jan.–Nov. 2026 export volume of “913k units (+154% y/y, 22% of total sales).”
Overseas factories in Thailand, Uzbekistan and Brazil provide “300k units/yr” of combined capacity, with new plants planned in Hungary, Malaysia and Cambodia. BYD is “also targeting Japan,” the firm adds.
Despite the company’s scale and reach, Piper Sandler maintains a Neutral rating, arguing that “2025/2026 consensus estimates are too high” and that the stock may “trade sideways – or even lower – until early 2026.”
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