Which of the following statements is not true? A) The first multinational company, Singer Sewing Machine, built a factory in Scotland in 1868. B) By 1914, at least 37 U.S. companies had production facilities in two or more overseas locations. C) In the 1920s, all cars sold in Japan were made in the United States. D) Friedrich Bayer purchased an interest in a New York plant in 1865. E) The level of intracompany trade of multinationals in 1930, as a percentage of total world trade, may have exceeded the proportion at the end of the 20^th century.

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In 1602, the Dutch East India Company was formed to carry out colonial activities in Asia and to open ocean trade routes to the East. The first company to issue stock, it is also frequently identified as the world's first multinational corporation.

Which of the Following Statements Is Not True