Even if the Elio were classified so that it could participate in the carbon credits program, the amount of credits it can generate will likely be somewhat less than one would think. This is because the standards below which a vehicle fleet generates credits are based on the vehicles' "footprint," which is literally the wheelbase times the distance between the wheels. In Elio's case, that footprint could be considered as the area of the triangle between the front and rear wheels. I estimate the Elio's footprint would be about 25 sq ft, which is not on this chart but you can guesstimate where it would land:
If the Elio were to be produced in 2017, it's standard/target may come in at around 44 mpg, and so its credits would be calculated as its certified mpg rating relative to that target, which is still probably a significant amount of credits if Elio can produce the vehicle in high numbers. Also keep in mind that manufacturers of larger vehicles with larger footprints have a lower target they have to meet, and therefore would not need as many credits.
Still, any CAFE credits is icing as others have pointed out, so any movement to get Elio qualified for CAFE credits is a good thing.