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P0340 says there's a problem with the camshaft position sensor, and P0344 elaborates saying that the signal from it is intermittent (ie, sometimes ok but sometimes not). This can be caused by bad wiring between the computer and the sensor, a bad sensor, a bad flywheel which the sensor reads notches from, or the computer module itself may be going bad. In my research on the P0340 code which my car is getting, web pages say that some engines can in fact run without the sensor, but since it's used to help time the fuel injection and ignition, it will reduce your gas mileage (town mileage affected more than highway). If you notice the engine losing power or stalling out, it might be worth trying to disconnect the sensor and see if it improves driveability. I wouldn't recommend running it like that forever, but if fixing it right away isn't an option, it may be worth considering.

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Q: Why am I getting error codes P0344 and P0340?
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