The method of manufacturing a lightweight, low cost hollow cam shaft includes the steps of forming an integral journal portion in a hollow pipe member by inwardly deforming a portion of the pipe member, such as by coining or spinning, the outer surface of the deformed portion being the bearing surface. Annular grooves formed immediately adjacent the inwardly deformed portion allow residue from an optional finish-grinding operation to escape. Cam members having fitting holes are fixedly mounted on undeformed pipe portions, or on outwardly deformed pipe portions.