In reality the Tiger had thicker armor but the Panther had the advantage of slooped armor which nearly doubled its armor. The Tiger had a 8.8cm KwK L/56 gun whilst the Panther had a 7.5 cm KwK L/70 gun, which had better penetration capabilites than the 8.8 cm KwK L/56. That´s why the Panther was kept in production and the Tiger I were retired, not to mention the fact that the Panther were more cost-effective to produce.
~Zeke.
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