Three phase induction motors have a very simple construction made up of a stator protected with electromagnets, and a rotor composed of conductors shorted at each end, arranged as a “squirrel cage”. They focus on the principle of induction in which a rotating electro-magnetic field it created by applying a three-phase current at the stators electromagnets. This in turn induces a current in the rotor’s conductors, which in turns produces rotor’s magnetic field that tries to check out stator’s magnetic field, pulling the rotor into rotation.
Benefits of AC Induction Motors are:
Induction motors are basic and rugged in building. They are Induction Motor china better quality and can operate in virtually any environmental condition
Induction motors are cheaper in cost due to simple rotor construction, lack of brushes, commutators, and slide rings
They are free of maintenance 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 which can cause sparks
AC Induction motors are Asynchronous Devices meaning that the 
rotor will not change at the exact same speed as the stator’s rotating magnetic field. Some difference in the rotor and stator velocity is necessary in order to create the induction in to the rotor. The difference between the two is named the slip. Slip must be kept in a optimal range in order for the motor to operate efficiently. Roboteq AC Induction controllers can be configured to operate in another of three modes:
Scallar (or Volts per Hertz): an Open loop mode in which a control causes a simultaneous, fixed-ratio Frequency and Voltage modify.
Controlled Slip: a Closed Loop speed where voltage and frequency are managed in order to keep slip within a narrow range while operating 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.
See this video from Learning Engineering for a visual illustration about how AC Induction Motors are constructed and work.