Three phase induction motors have a very simple construction composed of a stator covered with electromagnets, and a rotor made up of conductors shorted at each end, arranged as a "squirrel cage". They focus on the principle of induction where a rotating electro-magnetic field it produced through the use of a three-phase current at the stators electromagnets. Therefore induces a current within the rotor's conductors, which in turns generates rotor’s magnetic field that tries to follow stator’s magnetic field, pulling the rotor into rotation.
Great things about AC Induction Motors are:
Induction motors are basic and rugged in building. They are more robust and can operate in any environmental condition
Induction motors are cheaper in cost due to simple rotor construction, absence of brushes, commutators, and slide rings
They are maintenance free motors unlike dc motors due to the absence 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 and therefore the rotor does not turn at the precise same speed because the stator's rotating magnetic field. Some difference in the rotor and stator velocity is necessary to be able to produce the induction into the rotor. The difference between the two is Induction Motor china called the slip. Slip must be kept within an optimal range in order for the motor to use effectively. Roboteq AC Induction controllers can be configured to operate in another of three modes:
Scallar (or Volts per Hertz): an Open up loop mode where a order causes a simultaneous, fixed-ratio Frequency and Voltage modify.
Controlled Slip: a Shut Loop speed where voltage and frequency are controlled in order to keep slip within a narrow range while running at a desired 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.
Discover this video from Learning Engineering for a visual illustration on how AC Induction Motors are constructed and function.