You need to be absolutely sure that this is real and that your child was the one operating the vehicle and telephone and that he was doing so at the same time. If your child is responsible and you accuse him of something like this, you will lose his respect for life.
That said, if this is as it sounds, I agree with the others: the behavior is completely irresponsible and is dangerous to both your child and others on the road. Who owns the car and telephone? You or your son? If either is yours, then, yes, take it (or both) away. If not, then you cannot really take away something that is his (though this is a good argument for not allowing a child to buy his own car), but you need to provide some other comparable and severe punishment. (This is a good argument for not allowing adolescent children to buy their own cars.)