and Banco Santander, S.A.; GM will back that financing by issuing irrevocable payment undertakings, or IPUs, committing to repay Procura once the inventory has been consumed in production. GM will repay those undertakings after it consumes the inventory in production, and no later than August 6, 2029, the company said. GM will also pay a fee of 0.25% per year on the daily average unused portion of the facility during that period. "Our industry has experienced significant supply chain disruptions in the past for various reasons, and it's safe to assume they will happen in the future," GM said. Earlier this year, GM and Micron Technology formalized a long-term supply agreement covering memory and storage chips, including LPDRAM, NOR, and UFS NAND products, for use in GM vehicle platforms.