Start by heating butter and olive oil in a skillet over medium heat. Add the sliced onions and cook slowly, stirring often, until they turn soft, golden, and deeply caramelized. This step builds the foundation of flavor, so don’t rush it.
In a large bowl, combine the ground beef, caramelized onions, garlic, eggs, breadcrumbs, Worcestershire sauce, thyme, salt, and pepper. Mix gently using your hands until everything is just combined to avoid a dense texture.
Transfer the meat mixture into a loaf pan and press lightly to shape. Bake in a preheated oven at 350°F (175°C) for about 45–50 minutes, or until the internal temperature reaches 160°F.
While the meatloaf bakes, add beef broth to the skillet with the remaining onions. Simmer until the liquid reduces slightly, creating a rich and savory sauce.
Remove the meatloaf from the oven and sprinkle grated Gruyère cheese on top. Return it to the oven or broil briefly until the cheese is melted and bubbly.
Let the meatloaf rest for 10 minutes before slicing. This helps lock in the juices and keeps each slice neat and tender.