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How HighLine Classics Became One of the World’s Top Bronco Sellers

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Whether one is a retiree, a child, or in between, everyone can agree that there’s a certain charm when it comes to a well-preserved classic car. As easy as it is to talk about their beauty, though, actually obtaining such a car is much tougher than anticipated. Finding one that’s in decent enough condition to fix up is a hard enough task within itself, but then coming up with all the money to buy it and restore it to mint condition is where many people run into issues.

Thankfully for car enthusiasts looking to add to their collections, the answer to their problems can be found through HighLine Classics. The restoration and dealership company was launched in 2015 by founder and CEO Josh Dougherty. They focus on all types of classic cars, but 95% of their work is done on ‘66 to ‘77 Broncos, which has earned them the title of one of the top five Bronco sellers in the world.

Though Josh has only been in the industry full-time for around five years, he has multiple decades worth of experience when it comes to working on and selling old cars. It was only a matter of time before he eventually quit his nine-to-five to start his own business, and the opportunity finally presented itself when he noticed the growing interest people were showing in classic Ford Broncos.

With that, Josh bought a few Broncos to fix up with the help of his longtime friend and now Shop Foreman, Matt Stiles. The two sold out as fast as they restored, allowing for the company to expand further. Fast forward to now, and the company has over 104,000 followers on their Instagram, a new shop to do all their work under one roof, and an ever-growing yearly revenue of seven figures.

So, what’s HighLine Classics’ secret to scaling? Other than their team of highly experienced mechanics, the company is set on giving each of their clients the best outcome possible for the most competitive price. To elaborate on this, Josh says, “We focus on quality and building the best Broncos money can buy.”

He’s not kidding; while other shops charge a minimum of $205,000, HighLine Classics offers builds that start at $149,000. And though their prices are much lower, they don’t lack in quality. Take their Coyote builds, for example; this specialized Bronco includes a new fuel-injected 435HP Coyote engine, an overdrive automatic transmission, heated leather seats, a roll cage, power disc brakes, new safety features, and much more. The finished product is a complete frame-off restoration, replacing every nut and bolt with new parts, and a show quality paint job.

With that type of attention to detail and quality, it’s clear that HighLine Classics has rightfully earned its spot as one of the world’s leading Bronco shops. They’re able to take a vehicle that’s half a century old and turn it into a rust-free and smooth-running work of art.

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Hyzon is the most recent startup backed by SPAC to fail

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Hyzon Motors, a hydrogen fuel cell developer, has shut down after struggling to sustain operations since going public during the 2020-2021 SPAC boom. Despite positive press, warning signs persisted, culminating in the company’s downfall.

A Rocky Start and SEC Troubles

Hyzon, a spinoff from Singapore’s Horizon Fuel Cell Technologies, raised $550 million in 2021 through a reverse merger with Decarbonization Plus Acquisition Corp. However, its operations were focused on Europe, Australia, and China, with no U.S. or North American business initially.

In 2021, short-seller Blue Orca Capital accused Hyzon of fabricating orders in China, leading to an SEC investigation. The company paid a $25 million fine, and CEO Craig Knight was replaced in 2022 by Parker Meeks, a former McKinsey & Co. partner.

Attempts to Revive the Business

Under Meeks, Hyzon closed its European and Australian operations and focused on specific markets like refuse trucks. The company also partnered with Fontaine Modification to retrofit Freightliner Cascadia trucks with 110-kilowatt fuel cell systems while developing a larger 200-kW system.

Despite technological progress, Hyzon struggled to generate sales. By the third quarter of 2023, it had only $100,000 in revenue. With just $14 million in cash, the board decided on December 19 to pay creditors and shut down operations. Remaining employees in Michigan and Illinois are set to lose their jobs by February 2024.

Optimism Faded

Until its third-quarter earnings call, Meeks expressed hope, citing potential fleet contracts and falling hydrogen prices, which were projected to drop to $10-$12 per kilogram by 2025. However, Hyzon’s high truck costs and inability to secure large orders sealed its fate.

Broader Industry Struggles

Hyzon’s collapse is part of a broader trend among hydrogen fuel cell and SPAC-funded startups. German company Quantron AG entered insolvency in late 2023, while Nikola Corporation faces funding challenges. Other SPAC-backed ventures like Lordstown Motors and Embark Trucks also failed due to financial difficulties.

Hyliion, however, has managed to thrive by pivoting to a fuel-agnostic stationary generator business, securing contracts, and achieving a significant stock price increase in 2023.

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Japan’s efforts to create a dual-purpose defense startup environment

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To stay competitive in the global technological race, Japan must merge its defence and civilian innovation ecosystems, which involve diverse stakeholders. In September 2024, Japan’s Ministry of Defense and Ministry of Economy, Trade and Industry unveiled the concept of a “dual-use startup ecosystem.” This initiative seeks to integrate startups into research and development (R&D) to meet the technological demands of defence equipment.

Strengthening Defence Innovation

Prior to the announcement, the government identified approximately 200 startups in July 2023, outlining plans to support these companies with defence-related equipment and financial assistance to ease their entry into the market. The startups specialize in advanced fields such as drones, cyber defence, satellite communications, and electromagnetic wave technologies.

Leading this initiative is the Ministry of Defense’s Acquisition, Technology, and Logistics Agency through its newly established Defense Innovation Science and Technology Institute (October 2024). The aim is to efficiently incorporate civilian technologies into defence equipment, aligning with global trends where private-sector innovation plays a growing role in defence development. The model draws inspiration from the U.S. Defense Advanced Research Projects Agency (DARPA) and the Defense Innovation Unit, which rapidly integrate private-sector advancements into defence projects.

Historical Roots and Persistent Challenges

Japan’s push for dual-use technologies is not entirely new. Efforts began with the 2013 National Security Strategy and the 2014 Strategy on Defense Production and Technological Bases, emphasizing public-private partnerships. These policies responded to challenges like globalized supply chains, Japan’s deteriorating security environment, the shrinking defence industry, and the need for technological cooperation with allies.

However, gaps between policy and implementation have hindered progress. A major issue is the low profitability of the defence industry, which has driven many private companies out of the sector. Reform efforts must offer stronger incentives for startups to participate. While increased defence spending has benefited traditional firms, smaller companies and startups face uncertain gains.

Another obstacle is the private sector’s cautious stance on defence R&D, rooted in Japan’s post-war anti-militarist norms. Many academic and industrial players perceive military involvement as a reputational risk in the predominantly civilian-focused business landscape.

For instance, the Ministry of Defense’s 2015 research funding initiative faced strong opposition from the academic community, including the Science Council of Japan, which criticized it for potentially restricting free scientific inquiry. This resistance has limited the impact of defence-related reforms, and startups entering the sector may encounter similar challenges.

Emerging Opportunities in a Changing Context

Despite these hurdles, Japan’s new dual-use startup ecosystem reflects an evolving political and social landscape. Since the 2010s, Japan’s national security policies have shifted to address growing security threats and fiscal constraints. Public opinion has gradually become more open to pragmatic national security measures, although resistance persists in some sectors.

Startups, particularly those led by younger entrepreneurs who are less tied to traditional business norms, are poised to play a pivotal role in this policy’s success.

Economic Security as a Catalyst

Economic security policies are further driving changes in Japan’s defence innovation ecosystem. The 2022 Economic Security Promotion Act has marked the beginning of “economic securitisation,” incorporating critical and emerging technologies into national policy. Initiatives like the “Key and Advanced Technology R&D through Cross Community Collaboration Program” have expanded R&D budgets, with applications spanning both civilian and military domains under the label of “multi-use” technologies.

By framing defence-related R&D as part of economic security, the government is addressing concerns within Japan’s political culture. This approach may reduce normative barriers for companies and universities to engage in defence-related activities.

A Defining Moment for Japan’s Innovation Ecosystem

As economic securitisation gains traction, Japan faces an opportunity to establish a robust defence innovation ecosystem. However, this moment also demands tough decisions from the private sector about their involvement in defence projects. Balancing commercial interests with normative considerations will shape the future of Japan’s defence and civilian innovation integration.

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Microsoft plans to incorporate non-OpenAI AI models into its 365 Copilot products

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Microsoft is expanding its flagship AI product, Microsoft 365 Copilot, by integrating both internal and third-party AI models to diversify beyond its reliance on OpenAI’s technology and reduce operational costs, according to sources familiar with the matter.

This marks a shift for Microsoft, a major investor in OpenAI, which previously highlighted its exclusive access to OpenAI’s models as a key advantage. When Microsoft introduced 365 Copilot in March 2023, its use of OpenAI’s GPT-4 model was a primary selling point.

The company now seeks to reduce its dependence on OpenAI due to concerns about cost and performance for enterprise users, the sources said. A Microsoft spokesperson confirmed that OpenAI remains a key partner for advanced AI models, but Microsoft also customizes OpenAI’s models as part of their agreement.

“We incorporate various models from OpenAI and Microsoft depending on the product and experience,” Microsoft stated. OpenAI declined to comment.

Microsoft is training its own smaller models, including the latest Phi-4, and customizing open-weight models to make 365 Copilot faster and more cost-effective. These efforts aim to lower operational expenses and potentially reduce costs for customers, sources said.

Microsoft’s leadership, including CEO Satya Nadella, is closely monitoring these developments.

This strategy aligns with changes in other Microsoft units, such as GitHub, which added models from Anthropic and Google in October alongside OpenAI’s GPT-4. Similarly, its consumer chatbot Copilot now integrates both in-house and OpenAI models.

Microsoft 365 Copilot, an AI assistant for enterprise applications like Word and PowerPoint, is still proving its value to businesses. While adoption among Fortune 500 companies has reached 70%, many enterprises remain in the pilot phase, according to Gartner. Pricing and utility have been cited as potential hurdles.

Despite these challenges, adoption is accelerating. Analysts at BNP Paribas Exane predict that Microsoft will sell 365 Copilot to over 10 million paid users this year. In a November blog post, Microsoft highlighted its growing traction within large enterprises.

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