The purpose of this paper is to present our research on applying semantic modelling and ontologies to the issues of products and services. Two selected issues are discussed: i) the collection and reuse of product-service lifecycle data in an IoT-enabled framework. The role of product-service ontology is demonstrated as a backbone of vehicle lifecycle management, ii) ontologies and semantic interoperability as enabling technologies for the creation of services such as charging location finding or traffic information services. In both cases, a particular product -- electric vehicle with electric battery -- is taken into account as a case study.