Three phase induction motors have a very simple construction made up of a stator protected with electromagnets, and a rotor made up of conductors shorted at each end, arranged as a “squirrel cage”. They work on the principle of induction in which a rotating electro-magnetic field it made by applying a three-stage current at the stators electromagnets. This in turn induces a current in the rotor’s conductors, which in turns creates rotor’s magnetic field that tries to follow stator’s magnetic field, pulling the rotor into rotation.
Benefits of AC Induction Motors are:
Induction motors are simple and rugged in building. They are more robust and can operate in any environmental condition
Induction motors are cheaper in cost because of 
simple rotor construction, absence of brushes, commutators, and slip rings
They are maintenance free motors unlike dc motors due to the lack of brushes, commutators and slip rings
Induction motors can be operated in polluted and explosive conditions as they do not have brushes that may cause sparks
AC Induction motors are Asynchronous Devices meaning that the rotor does not convert at the exact same speed because the stator’s rotating magnetic field. Some difference in the rotor and stator swiftness is necessary to be able to produce the induction in to the rotor. The difference between the two is called the slip. Slip should be kept in a optimal range to ensure that the motor to use efficiently. Roboteq AC Induction controllers can be configured to operate in one of three modes:
Scallar (or Volts per Hertz): an Open loop mode in which a command causes a Induction Motor simultaneous, fixed-ratio Frequency and Voltage modify.
Controlled Slip: a Closed Loop speed where voltage and frequency are managed to keep slip within a narrow range while operating at a desired speed.
Field Oriented Control (Vector Drive): a Closed Loop Quickness and Torque control that functions by optimizing the rotating field of the stator vs. this of the induced field in the rotor.
See this video from Learning Engineering for a visual illustration on how AC Induction Motors are constructed and function.