If you want a P2, T70 or Puma type of vehicle, you are up to keep been disappointed. It's a 200mp 30f which arrives fairly early in the timing between scoutcars and light tanks.
The armor increase means that it practically got a ±50% increase chance on deflecting bullets frontally. Most small arm fires coming from infantry, have a pen of 1. Light armor vehicles benefit fighting low RoF high accuracy units as opposed to say SMGs. This is due to accuracy not been an issue. It's easier to fight off a scoutcar with a Pio/Rear echelon rather than grens or Rifles.
So, let's say you are getting shots by Rifles. 10 rounds per mag, 2.5s (it's 2.45avg but it's easier that way) reload. You can round the RoF at 1s or 2s (either near or far range) straight to account for the reload every 10 shots. 8dmg. 222 has 320HP.
You'll need 40 shots to pen. Before, frontally, it took around 360 shots to kill (1/9). Now you'll need 560 shots (1/14).
If somehow the Rifle squads are not losing models, not moving or been pushed around (old vs new)
1 Rifle will take near: 72s/112s. Far: 144/224s
Meanwhile, the Greyhound takes zero shots to kill with rifles, because it DOESN'T TAKE BULLET DAMAGE.
"Between armored cars and light armor"?? The 222 IS supposed to be an armored car. I don't understand this absurd insistance on keeping it unviable by making it take damage from bullets. There WHOLE point of ANY kind of light armored vehicle is to harass infantry. If it can't do that, there is absolutely no reason to use it.