I hate the way this one is worded. Either:
(i) The pistol is on the licensee's person
(ii) the licensee is within the vehicle at all times that the pistol is there
or (iii) the licensee is away from the vehicle and the pistol is locked within the vehicle and concealed from view from outside the vehicle.
I'm quite sure this would NOT hold up in court, however, imagine that there are people sitting in a car, none of whom has a CPL. "The person", as denoted in the above statements (maybe a friend of those in the car), having a gun and a CPL comes along and puts a loaded gun in the car (anywhere). The people in the car drive off. Technically, because of the word "or" above,the law has not been broken.
Technically, as long as you are not "the person" who placed the loaded gun in the car, those in the car don't need a CPL to have access to a loaded gun in a car.