A full bus or trainload of people is more efficient than private cars, sometimes quite a bit more so. But transit systems never consist of nothing but full vehicles. They run most of their day with light loads. The above calculations came from figures citing the average city bus holding 9 passengers, and the average train (light or heavy) holds 22. If that seems low, remember that every packed train at rush hour tends to mean a near empty train returning down the track.
Transit vehicles also tend to stop and start a lot, which eats a lot of energy, even with regenerative braking. And most transit vehicles are just plain heavy, and not very aerodynamic. Indeed, you’ll see tables in the DoE reports that show that over the past 30 years, private cars have gotten 30% more efficient, while buses have gotten 60% less efficient and trains about 25% worse. The market and government regulations have driven efforts to make cars more efficient, while transit vehicles have actually worsened.
Lots of charts and graphs in the essay.