Kathmandu's Epic Chariot Towing Celebration

Check out this huge chariot being built in Kathmandu! I don't really know what the celebration is, but apparently this will get towed around town by Strong Men With Ropes for a week or so.
Yes, those wheels are as tall as people and yes the whole thing is made out of wood.
Supposedly if the tower breaks during the towing, the king will be deposed. But there's no king anymore. The chariot must have broken really badly, and they had to dismantle monarchy entirely.