Like some other commenters, I have a problem with these units.
The most obvious interpretation of the sentence would be to look at how much CO2 a car produces per year. But since the mobile industry has an equivalent CO2 output equal to a number of cars per year, this ends up being an amount of CO2/year/year. Should I interpret this as the rate at which the Co2 emissions are growing then?
Alternatively, it could be the total CO2 output of a car during its lifetime, or the amount of CO2 produced in making a car. In these cases. Any way, either the sentence is wrong, or ambiguous. Now which is the right interpretation?