I’m sure anyone who has visited Yokohama, Japan, in the past two years will remember that an 18-meter-tall “Movable Gundam” that stood at Yamashita Pier in Yokohama, symbolizing the pinnacle of Japanese robotics engineering. This facility, named “GUNDAM FACTORY YOKOHAMA,” not only fulfilled a 40-year-long dream of Gundam fans but also served as the focal point for fans worldwide and the anime industry. However, the process of bringing this exhibit to life can only be described as “fraught with misfortune.” According to the latest reports from Tokyo Shoko Research and several Japanese technology media outlets, “Evolving G Co., Ltd.”—a subsidiary of the Bandai Namco Group responsible for operating the facility—has recently received an order for “special liquidation” from the Tokyo District Court. According to the data, following the settlement of the event, Evolving G’s total liabilities amounted to 3,268,520,000 yen (approximately 700 million New Taiwan dollars).
“Yokohama Gundam Factory” Winds Down; Operating Company Evolving G Reports Total Liabilities Exceeding 3.2 Billion Yen in Final Settlement
Evolving G was originally a special-purpose vehicle (SPV) exhibit created by Bandai Namco specifically to carry out the grand vision of the “Gundam Global Challenge.” Its core mission was to bring together Japan’s top engineers, designers, and technical experts to build a truly walkable, 18-meter-tall, life-size Gundam. This Gundam, model number RX-78F00, features 24 degrees of freedom (joints) throughout its body and weighs 25 metric tons, yet it is capable of performing intricate movements such as kneeling on one knee or pointing a finger toward the sky. At the time, Ada also traveled to Japan via business channels to visit the exhibit before the country had fully lifted its lockdown restrictions.
However, as a company established solely for a single project, Evolving G’s financial structure relied heavily on ticket sales, merchandise sales, and on-site food and beverage revenue—a situation that set the stage for future financial difficulties.
根據信用調查機構的分析與公開資料顯示，COVID-19 疫情是造成 Evolving G 陷入鉅額負債的主因。
“GUNDAM FACTORY YOKOHAMA” was originally scheduled to open during the 2020 Tokyo Olympics, which was supposed to be a golden opportunity for Japan’s tourism industry. Under the original business model, the facility was expected to attract millions of inbound tourists. However, the outbreak of the pandemic led to the postponement of the Olympics and border closures, bringing global tourism to a sudden standstill. Although the facility ultimately opened on December 19, 2020, against all odds, the massive influx of overseas visitors originally anticipated had virtually dried up. For a long period during its early operations, Evolving G had to rely solely on domestic Japanese visitors to stay afloat.
Although this articulated Gundam sparked a huge buzz in Japan, and Bandai Namco has extended the exhibition period several times (it will ultimately run through March 31, 2024):
Following the postponement (especially as restrictions were lifted and tourists returned), the company’s operations turned from a loss to a profit. According to publicly available information, here is the profit performance during the two postponement periods:
Fiscal Year Ended March 2023 (April 2022 – March 2023): The company returned to profitability, posting a net income of approximately 223 million yen for the fiscal year.
Fiscal Year Ended March 2024 (April 2023 – March 2024): Profits increased significantly, with net income for the year totaling approximately 847 million yen.
The Industry Implications of “Special Liquidation”
It is worth noting that Evolving G has opted for “special liquidation” rather than general bankruptcy. Special liquidation is typically applied in situations where the parent company is willing to intervene to handle the debt. This implies that Bandai Namco Holdings, as the parent company, is highly likely taking the lead in this debt settlement process to ensure that the subsidiary’s dissolution does not cause undue disruption to external creditors—a responsible mechanism for “cutting losses” and “wrapping up affairs.”
For Bandai Namco, the mission of Evolving G has been fulfilled. The technical data, operational experience, and intellectual property (IP) value associated with the Yokohama Gundam have long since been reintegrated into the group, serving as a foundation for future project development. As a temporary operational vehicle, Evolving G’s necessity ceased to exist once the physical facility was dismantled. Settling the book losses in a single transaction through special liquidation is a common practice for corporate groups to optimize their financial structures. Moreover, the fact that the exterior components of the Yokohama Gundam were transferred to the Gundam Pavilion at last year’s Osaka Expo for continued display can be seen as making the most of the resources.
I was lucky enough to be selected to tour the facility at the time; anyone interested can check it out.This 360-degree video (we recommend opening it in the YouTube app to experience the full 306-degree effect)：
With Evolving G now a thing of the past, Yokohama’s moving Gundam has officially become a legend. To be honest, the company’s rise and fall were truly the result of the COVID-19 pandemic; even with cutting-edge technology and the strongest IP, when faced with a global disaster beyond anyone’s control, the outcome was ultimately less than ideal. Fortunately, I personally witnessed this spectacular feast of technology and anime firsthand (I went five times), so I have no regrets.
Source: KOCPC Chinese