To be technically correct, Elixir is compiled into "Erlang Abstract Format, which is a standard representation of an Erlang AST using Erlang terms." [1] From there it compiles down to bytecode using Erlang tool chain.

So saying that Elixir is transpiled to Erlang is incorrect: it compiles to Erlang AST.

[1] https://medium.com/@fxn/how-does-elixir-compile-execute-code...