Outside of suppression, how does CAV stack up to other troop types. Let's take a look at some numbers between CAV and INF and MOT.
The following templates have 1940 support weapons and 1940 infantry weapons in the mix. No doctrines as far.
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CAV are faster, have more suppression, and better ORG.
The infantry have better defense and breakthrough. Also, the INF are cheaper, use significantly less supply, and train faster. The training time probably doesn't matter to some players (especially with other battalions in play), but if your goal is quickly trained divisions, CAV loses to INF for spam purposes.
I find the supply difference quite telling. The extra cost isn't that much, given how easy it is to manufacture infantry kits, but the supply cost is meaningful. Swapping all INF to CAV for the ORG benefits would put a strain on supply regions that did not exist before.
What about MOT?
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MOT have similar firepower values to CAV. CAV has better ORG. Obviously, MOT is faster. And obviously MOT costs far more, and you need some oil and rubber to get those trucks. What is most telling, though, is that CAV uses more supply than MOT. Historical, but probably a surprise to some players. Also, MOT trains faster than CAV. Again, not a big deal in many situations, but something to keep in mind.
CAV is actually an interesting choice for non-suppression tasks. It has some real trade-offs with INF and MOT.