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My 2012 X5 3.5 did this too recently and it had about 39,000 miles. I took it in to the dealer and they decided it was my turbo causing the problem and replaced it.
The mechanic said he could tell that the turbo was leaking oil over time. When starting after sitting several hours, the oil caused the smoke.
I would definitely make sure yours gets assessed before you get near the end of the warranty.
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'12 535i,
'12 X5,
'15 Boxster
RETIRED: '08 650i, '07 530i, '06 330i, '00 323ciC
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