ahem...The web is our friend.
Cost Effective Maintenance - Diesel Smoke tells YOU a Story...
White smoke occurs when raw diesel comes through the exhaust completely intact and unburned. Some causes of this include
Faulty or damaged injectors
Incorrect injection timing (could be a worn timing gear or damaged crankshaft keyway).
Low cylinder compression (eg caused by leaking or broken valves, piston ring sticking, cylinder and/or ring wear, or cylinder glaze)
When white smoke occurs at cold start, and then disappears as the engine warms up, the most common causes are fouling deposits around piston rings and/or cylinder glazing. Use of our Flushing Oil Concentrate and FTC Decarbonizer address these respective problems.
Water entering combustion spaces will also create white smoke. Faulty head gaskets and cracked cylinder heads or blocks are a common cause of water entry, and are often to blame. Unfortunately, expensive mechanical repair is the only proper solution here.
My books from Calder say basically the same thing - I'm just too lazy to type it in.