The 15-year-old was runner-up in the Junior World Go-Karting championships held in the French town of Essay on Sunday.
The Kölner Stadt-Anzeiger reports that the teenager took first place in each of the five qualification races before the main event, allowing him to start in pole position.
But he was narrowly beaten to the finish line by Briton Enaam Ahmed in the world final.
Young Schumacher, who was registered with the race authorities as “Mick Junior”, wasn't completely satisfied with his performance.
“Of course I'm happy about such an important result,” he told Italian sports newspaper Gazetto dello Sport. “It's clear that my goal is to become world champion. But this is just the beginning of my career.”
Michael senior is currently undergoing rehabilitation therapy at his home in Switzerland after suffering a serious head injury while skiing in France last year and spending months in a coma in hospital.
He famously began his career in karting, winning many German and European championships in the early 1980s after he began driving aged just 12.