Diagnostic Trouble Code (DTC) P0340 indicates that Self-Test has detected a Camshaft Position (CMP) Sensor circuit failure.
First step was to clear the code and see if it returns by increaseing rpm to greater than 1500 rpm for 10 seconds and repeating two times.
From here it depends on which type of sensor you have. Hall Effect (three pin connector) or VR (two pin connector).