Check the fluid level in the transmission. I just had one this morning at work that would go into limp mode because it had a trans fluid leak. Replaced the line, topped off the fluid, and it was fine.
2004 BMW 330ci Silvergray Sport Package, Cold Package, Xenon Headlamps, Premium Package, 6 Speed Manual, Build Date 9/03
Sold - 2003 325i Sedan Japanrot 5 Speed 8k Xenon Headlamps Build Date 11/02