If you look more in the 'fine' print for some of these motors, or complete e-bikes, you'll see more like 1 Nm, or 5 N, for the end product (the realistic torque). The calculated torque of for example 40 Nm peak is theoretical for gearing multipliers inside or outside the motor.
But to get to the real equation you need to convert Nm to foot pounds. You also need to know what the rpm motor is normally operating at and what the normal watt input is. Say in this example it's exactly 800 watts. That's one horsepower. And let's also say the motor is normally at 1500 rpm.
(Horsepower x RPM) / 5252 = ft lbs of torque
1.0 x 1500 / 5252 = 0.286 ft lbs
0.286 ft lbs x 1.32 = 0.377 nM (not very much)
Let's now look at peak power at say 6000 rpm and 1200 watts
1.5 HP x 6000 = 9000
9000 / 5252 = 1.71 ft lbs x 1.32 = 2.26 nM
This would be the real torque if there was no gearing at all. But to go from 2.26 to 40, you'd need some gearing inside or outside the motor that multiplies the initial torque production about 17.7x. The bottom line is that an electric bike with 40 Nm of torque still can't pull 500 lbs of weight. Horsepower or watts is still limiting how much it can pull. And if a bike has 1/3 of a horsepower, all the calculated torque in the world is not going to pull more than a few hundred lbs up a hill.