Yes. But energy construction costs for a car are huge compared to a bike so we shouldn't neglect them.
In "Sustainable Energy without the hot air" Mackay
estimates that it takes 76,000 kwh of energy to build an ICE car:
Ch 15 Page 90: Sustainable Energy - without the hot air | David MacKay
Over a 15 year lifespan of the car, that comes to 14 kwh hours per day.
Assuming again electrical energy from natural gas is used for energy (just to get
a ballpark figure) and assuming it takes about as much energy to build an EV
as it does an ICE, construction costs add another 18 pounds of CO2 per day
over the life of the car. You'd have to biking/driving over a hundred miles a day
on a typical diet for the purely renewable powered EV to be the lower carbon option...
bikes are hard to beat.
Of course, if you were biking 100 miles a day, you wouldn't be eating the typical diet. 100 miles (163 km) a day is about six hours of biking for a non-racer. A 300 km randonneur ride takes about 12 hours.
Bear in mind that with the Model S, the battery has a second life as a solar backup battery, so only about 50% goes against the car. Also aluminium has a better recycle factor than the typical ICE car because the aluminium can be recycled to make another car while the recycled steel can't be used as if it was newly made steel. Sure, a bicycle will still beat the Model S in terms of total CO2 usage over it's life, but the Model S is far better than a traditional ICE car when everything is taken into account.