The new owners [of the Mooney company] decided the [301] was too heavy (200 pounds over target) and too slow for the projected market (300 knots should be the target, according to the new owners). Couvelaire proposed a joint venture between Mooney Aircraft and the SOCATA Division of Aerospatiale. After several iterations (in which Mooney eventually dropped out), that venture resulted in the turboprop-powered TBM 700, in which the "M" stands for "Mooney".