I was wondering what is the role/purpose of the electric component in the red square.
This is the schematic of a 230V single phase induction motor.
What is also not clear to me are the connections on the right side.
The first two wires are neutral (blue) and live (brown). What is the third one? Earth? If yes, why is there an tild sign (AC) above it?
This component is a undervoltage protection device. When the voltage is high enough the device will close a make contact so current can flow. When the voltage is to low the contact will open or stay open. This is a over voltage-relay, but imagine it with the smaller than(<) character.
Link to image