Three phase induction motors employ a simple construction composed of a Induction Motor china 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 where a rotating electro-magnetic field it produced by applying 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 check out stator’s magnetic field, pulling the rotor into rotation.
Great things about AC Induction Motors are:
Induction motors are basic and rugged in structure. They are more robust and can operate in any environmental condition
Induction motors are cheaper in expense because of simple rotor construction, lack of brushes, commutators, and slip rings
They are maintenance free 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 Devices and therefore the rotor does not switch at the precise same speed because the stator’s rotating magnetic field. Some difference in the rotor and stator velocity is necessary in order to produce the induction in to the rotor. The difference between the two is called the slip. Slip must be kept within an optimal range to ensure that the motor to operate effectively. Roboteq AC Induction controllers can 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 alter.
Controlled Slip: a Shut Loop speed where voltage and frequency are controlled to keep slip inside a narrow range while operating at a preferred speed.
Field Oriented Control (Vector Drive): a Closed Loop Velocity 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 work.