I've gotten the impression chariots are on the whole rather better at killing cavalry than infantry - infantry get distrupted and knocked down and (if they don't die) stand up some five seconds later, cavalry just die. I guess horse legs get torn up really well by those scythes all chariots have (yes, even the Brit chariots seem to have scythes as far as the game is concerned; they just don't show).
'Course, cavalry can also absolutely shred most chariots *if* they catch them stationary, as unfortunately tends to happen if you forget to micro the buggers as they have this really annoying habit of starting a charge, slowing down about ten to twenty meters from the enemy, and restarting the charge. Works against infantry, but counter-charging cavalry come in too fast for the chariots to accelerate...
The AI, naturally, has no problems of this sort (double-click seems to do the job, and the AI can multitask) which in practice mean I pretty soon stopped sending any cavalry after those pesky Egyptian chariots. Cav Aux, Rom Cav, Legionary Cav... all got torn up something nasty.
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