No, this FX-heavy homage to the Michael Bay Transformers movies, shot by an amateur Russian filmmaker, doesn't have much story. But neither do the Bay movies, so it's a perfect imitation.
Near as we can tell, there's a good guy and a bad guy, both of whom own transforming telephones but neither of whom owns shirts. Again, things like plot depth and character motivation were not foremost on director Alexander Vladimirovich Semenov's mind. Instead, he was figuring out how best to make a crappy Russian sedan turn into a perfectly rendered Transformer, with all the bells, whistles and crazy metal tendrils Bay counted on ILM to create.