Electric cars will account for 35-40% of the market over the next ten years, roughly the same share as petrol engines, with the rest going to niche technologies such as hydrogen. The forecast comes from Michael Schmidt, President of MHS Holding and founder of Automobile Bavaria, who spoke at Forbes România Business Bridges 2026, the event organized by Forbes Romania at Forbes on Fifth in New York.
“My forecast is that we will have maybe 35-40% electric, about the same for petrol, and the rest niche products, hydrogen and other types of engines,” Michael Schmidt said.
The biggest change in the industry, however, is coming from the East. Schmidt travelled to China twice this spring, in April and May, and came back impressed. “Chinese manufacturers are getting better and better in quality, and they are bringing a very wide range of cars to the market. I was very impressed by how they have developed their technology and by the spirit in which they do business. It cannot be compared to communism or socialism in Russia. It is a more modern management. Of course, the state controls everything, but it does so very professionally,” the entrepreneur said. Schmidt believes the industry has to look at this change with open eyes.
MHS Holding has already taken its first steps in this direction. The group works with two Chinese partners for the markets in Spain, Austria and southern Germany, including Hongqi, the limousine brand used by Chinese embassies around the world. “I have trust in these products, but also in other brands from Europe,” Schmidt said. Asked whether he is also looking at other Chinese brands, he replied: “Yes. Whether we want it or not, they are coming.”
His growth strategy stays the same from year to year. “My philosophy is to grow every year, in more locations and with more brands,” he explained. His most recent moves are an import contract for Lotus in Romania and a new location in Marbella, in southern Spain.
