Yes, according to Eric A. Morris:
[Consider] autos with but one passenger and compare them to transit vehicles in which every seat is full. (For example, see this.) But in the real world, this is emphatically not the case. At any given time, the average auto has somewhere around 1.6 passengers, and the average (typically 40-seat) bus has only about 10. Rail vehicles typically have more passengers (on average about 25), but then again they are also typically much larger. Thus their average load factor (percentage of seats filled) is also not high, at about 46 percent for heavy rail systems (think subways in major cities) and about 24 percent for light rail (think systems that mostly run at street level).
It is not clear that moving around large and largely empty vehicles is much of an improvement over moving around smaller ones. In fact, it may be worse. According to the Department of Energy’s Transportation Energy Data Book, in 2010 transporting each passenger one mile by car required 3447 BTUs of energy. Transporting each passenger a mile by bus required 4118 BTUs, surprisingly making bus transit less green by this metric.