You for sure have open thermostat. The dial on the dash is not a thermometer it only effectively has three positions.

1. Not warmed up
2. Quite possibly warmed up
3. Stop the engine immediately.

If the needle doesn't get to the "noon" position within 8 min. of driving either the t-stat is stuck open or the sensor is reading wrong

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2011 E70 • N55 (me)
2012 E70 • N63 (wife)