The purpose of this paper is to present our ideas of 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.