If it's smoking with a brushless motor it has to be the electronics. As opposed to the vast majority of drills on the market, the current lineup of Festool 15v and 18v drills have electronic clutches. Also, because of the electronic clutch, when the drill encounters too much torque it stops with that "beeping" as a safety measure for both user and drill. I don't want you to think I'm putting the blame on you so please don't take it that way but, trying to push through the beeping safety measure too much may have caused the electronics in the drill to overheat or malfunction.
Either way I would give a call to Festool customer service and get the repair or replacement of the drill going as soon as you can.