Got it! Damaged camshaft on where the reluctor bolts on. The smallest alignment tab was broken off flush, being volvonoob I didn't even realize it was gone until examining another shaft. The play in the mounting of the reluctor was so tiny I was shocked that replacing the cam fixed the problem.

This car is officially kicking my butt. Had a core ecm cloned, same fault. Although all my diagnostics ruled out a wiring problem, swapped the entire engine harness, same fault. Not sure where to go next

If I run the car with sensor disconnected, the code changes to 340c (sensor output too high) so ...

Same sensor on both engines, and parts tested on another car for functionality. MVS member Buckone seems to have had the exact problem as me in this thread https://www.matthewsvolvosite.com/forums/viewtopic.php?f=9&t=58219&p=309452&hilit=p0340#p309452 , I'm going to bite the bullet and get a ...

Bought a 07 S60 with a blown engine and absolutely no history. Replaced the engine (used engine that a friend had driven all last winter) without troubles, but I'm now plagued by a 340b (p0340) code (missing signal from intake cam sensor) Engine starts and runs, but no variable timing so it's pretty ...