An induction motor or asynchronous motor is an AC electric engine in which the electric current in the rotor had a need to produce torque is obtained by electromagnetic induction from the magnetic field of the stator winding. … An induction motor’s rotor can be either wound type or squirrel-cage type.
Benefits of AC Induction Motors are:

Induction motors are simple and rugged in building. They are more robust and can ac motor operate in virtually any environmental condition
Induction motors are cheaper in cost because of 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 can be operated in polluted and explosive environments as they do not have brushes which can cause sparks
AC Induction motors are Asynchronous Machines and therefore the rotor will not convert at the precise same speed as the stator’s rotating magnetic field. Some difference in the rotor and stator swiftness is necessary in order to create the induction into 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 one of three modes:

Scallar (or Volts per Hertz): an Open loop mode where a control causes a simultaneous, fixed-ratio Frequency and Voltage change.
Controlled Slip: a Closed Loop speed where voltage and frequency are controlled to keep slip within a narrow range while working at a preferred speed.
Field Oriented Control (Vector Drive): a Closed Loop Velocity 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 about how AC Induction Motors are constructed and work.