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Sorry, got busy recently and haven't got a chance to check the thread. As an update, I went to BMW dealer and they said it's normal, and just added 1 qt for free.
However, 1 month later(1000 miles) I noticed that about 0.4 qt was gone when doing oil level check. So I brought it back to another BMW dealer. They also said it's normal, and they are advised by BMW that they won't do diagnose unless the consumption is more than 1qt/750 miles. They also said that my car was almost new and that I shouldn't worry about anything as it will be covered by warranty. So, they added 0.4 qt and documented everything.
Since I planned to take the M340i to track, I decided to do an early oil change off CBS schedule. So I took the car back to dealer again. I also got the emission recall done at same time. Interesting thing was that the oil consumption issue seemed to stopped. The oil level was full even after I finish the track day.
So, I have no idea if it has something to do with the emission recall, or it has something to do with engine breaking in. I got my car back in May 2019, so it might be the early production, which BMW forgot to detune.
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