Three phase induction motors have a very simple construction composed of a stator protected with electromagnets, and a rotor made up of conductors shorted at each end, arranged as a “squirrel cage”. They focus on the basic principle of induction in which a rotating electro-magnetic field it made through the use of a three-phase current at the stators electromagnets. This in turn induces a current within the rotor’s conductors, which in turns creates rotor’s magnetic field that attempts to follow stator’s magnetic field, pulling the rotor into rotation.
Great things about AC Induction Motors are:
Induction motors are simple and rugged in structure. They are more robust and can operate in virtually any environmental condition
Induction motors are Induction in Motor cheaper in expense due to simple rotor construction, absence of brushes, commutators, and slip rings
They are free of maintenance motors unlike dc motors because of the lack of brushes, commutators and slip rings
Induction motors could be operated in polluted and explosive conditions as they do not have brushes 
which can cause sparks
AC Induction motors are Asynchronous Machines meaning that the rotor will not change at the precise same speed because the stator’s rotating magnetic field. Some difference in the rotor and stator swiftness is necessary to be able to create the induction in to the rotor. The difference between the two is named the slip. Slip should be kept in a optimal range to ensure that the motor to use effectively. Roboteq AC Induction controllers could be configured to operate in one of three modes:
Scallar (or Volts per Hertz): an Open up loop mode in which a control causes a simultaneous, fixed-ratio Frequency and Voltage change.
Controlled Slip: a Shut Loop speed where voltage and frequency are controlled in order to keep slip inside a narrow range while running at a preferred speed.
Field Oriented Control (Vector Drive): a Closed Loop Rate and Torque control that works by optimizing the rotating field of the stator vs. this of the induced field in the rotor.
Find this video from Learning Engineering for a visual illustration about how AC Induction Motors are constructed and function.