Well in the beginning it was Cajun (cayenne junior) which goes with chicken.
They could have called it Tiger but that's been used before and was a bit of a tank but it did handle well off road by all accounts.
So we have a group of Porsche Marketing guys at a Bavarian BBQ the beer is flowing but the Supermarket has run out of bottled beer and they have to buy tinned Bitburger.
Hans is chatting to Freidrick about the new Company SUV, Otto his manager who has had a few too many beers reaches over for another beer when Hans says hey thats "my can", Otto reaches for another and knocks the can of beer over the picture of the still un named small SUV sitting on the table Freidrick says Oi! thats my can pointing to the wet photo of the baby SUV,
Head of Porsche marketing just happens to walk by and nodds in agreement at his teams devotion to duty naming the new Porsche at an off duty BBQ, Later that evening he tells the Porsche Board of directors that the new car has a name.
Note -Due to Freidrick's scottish ancestors his pronunciation came out as M'can as in "hands off M can o beer"
As there is no apostophe in the German language the brochure printers just went for the first letter of the alphabet.
Simples M'can