Powered vehicle of stone bound to lose its rear (3,3)
I believe the answer is:
jet ski
'powered vehicle' is the definition.
(jet-powered vehicle)
'of stone bound to lose its rear' is the wordplay.
'of stone' becomes 'jet' (I am not sure about this - if you are sure you should believe this answer much more).
'bound' becomes 'skip' (I've seen this before).
'to lose its rear' means to remove the last letter (the letter at the rear is removed).
'skip' with its final letter taken away is 'ski'.
'jet'+'ski'='JET-SKI'
(Other definitions for jet ski that I've seen before include "Transport" , "Snowmobile" , "Vessel" , "small and speedy craft" .)